KARACHI – Embattled rupee finally makes a comeback after ending its 10 sessions losing streak against the US dollar with a marginal appreciation on the last working day of the week.
Data shared by the State Bank of Pakistan shows local currency finally ending its 10-session depreciation run against greenback, settling at 305.47.
PKR remained under pressure earlier in the day, however rupee moved up Rs0.07.
In previous sessions, the local currency closed at 305.54 against the greenback in the inter-bank market.
Pakistani government claimed to continue crackdown on foreign currency smugglers, as dollar remained short. With the fresh losses, the local currency’s value dropped by over Rs15, in the last couple of weeks.
In the open market, the currency decreased to Rs325 against the dollar, according to the Exchange Companies Association of Pakistan while the difference between exchange rates in the two markets further widened to around Rs20.
Experts suggest that several factors stemmed from the depreciation of local currency including the smuggling of US dollars from Pakistan to neighbouring countries, especially Afghanistan, and the import pressure.