Pakistani rupee continues winning streak against US dollar with fresh gains on 28th successive session

ISLAMABAD – Pakistan’s rupee continued to regain its value against the US dollar on 28^th successive session amid crackdown on hoarding and smuggling.

Data shared by State Bank of Pakistan (SBP) shows the local currency settling at 276.83 after moving up by Rs0.79 in the inter-bank market.

On Friday, PKR extended its positive streak gaining 1.79% during the five sessions to close at 277.62 against the US dollar in the inter-bank market.

Interbank closing #ExchangeRate for todayhttps://t.co/ibl1yWdtfI#SBPExchangeRate pic.twitter.com/gUNSFzqWwg

— SBP (@StateBank_Pak) October 16, 2023

Rupee earlier plunged to record low of 307.1 in the inter-bank market last month but PKR bounced back on the back of crackdown against smuggling and controls on the Exchange Companies sector.

State Bank of Pakistan comes draws new rules for exchange companies, and at least 9 exchange companies faced action over serious violations.

In international market, the greenback was on the front foot in cautious trade as tensions in the Gulf region escalated.

Currency exchange rates in Pakistan today – October 16, 2023