KARACHI – Pakistani rupee continued its upward trajectory against US dollar in the interbank market on first working day of the week, with PKR’s recovery being attributed to a crackdown launched against hoarders and outflows of the greenback through illegal means.
Data shared by the State Bank of Pakistan suggests that local unit closed at Rs286.76 in the interbank market after gaining Rs0.98.
Rupee gained around 0.34percent in the inter-bank market in 18th back-to-back surge against the USD.
Interbank closing #ExchangeRate for today https://t.co/45oRSCNJQR#SBPExchangeRate pic.twitter.com/h1eONdqIYg
— SBP (@StateBank_Pak) October 2, 2023
Last week, Pakistani rupee continued its winning momentum as crackdown intensified against smuggling and controls on the Exchange Companies.
Pakistan’s rupee is set to become the top performer globally this month as the interim government continues its crackdown on the illegal dollar trade.
According to a Bloomberg report, the Pakistan rupee surged almost 6 percent in September, a remarkable feat as most currencies including the Thai baht and South Korean won tumbled against the dollar on speculation US interest rates will stay elevated for longer.
The currency rose 0.1% to Rs287.95 per dollar on Thursday, after sliding to a record low of about Rs307 this month.
