KARACHI – Pakistani rupee bounced back after a brief plunge in the light of soaring demand for the greenback.
Data shared by the State Bank of Pakistan (SBP) suggests that local currency moved up by 1.16percent to settle at Rs280.29.
On Wednesday, Pakistani currency faced a setback as it moved down and settled at Rs280.29.
Dollar Rate in Pakistan Today
Interbank closing #ExchangeRate for todayhttps://t.co/2GDqC1a99h#SBPExchangeRate pic.twitter.com/kTExYSKPqS
— SBP (@StateBank_Pak) October 19, 2023
In the international market, the greenback maintained its position against the yen near a 2-week low, and experts linked with the US Federal Reserve that would prolong higher interest rates.
Pakistan’s top civil and military leaders adopted a strong stance for socioeconomic growth under the umbrella of the Special Investment Facilitation Council (SIFC).
The local currency gained momentum as Exchange Companies surrendered around $20 million to the inter-bank market in the last weeks.
In the open market, the Pakistani rupee was being quoted at 279.5 and 282, the Exchange Companies Association of Pakistan said Thursday.
Currency exchange rates in Pakistan today – October 19, 2023
