Pakistani rupee further strengthens against US dollar, closes at 296.85 in interbank

KARACHI – The Pakistani rupee continues to make gains against the US dollar, with further appreciation observed on the last working day of the week.

It is the eighth successive winning session of the rupee against the greenback, as PKR moved up by Rs1.11 and closed at 296.85 following an increase in the inter-bank market.

Earlier this week, the local unit was closed at 297.96 as authorities tightened noose against the culprits involved in dollar hoarding.

Interbank closing #ExchangeRate for todayhttps://t.co/oplT2nwPEe #SBPExchangeRate pic.twitter.com/8Zo0ouCO4S

— SBP (@StateBank_Pak) September 15, 2023

On Thursday, State Bank of Pakistan decided to maintain the status quo and keep the key policy rate unchanged at 22 per cent. The central bank issued a press release on Thursday, saying the Monetary Policy Committee (MPC) decided to maintain the policy rate at 22 percent. It said “This decision takes into account the latest inflation outturn reflecting the continuing declining trend in inflation from its peak of 38 percent in May to 27.4 percent in August 2023.”

MPC said current account posted a deficit in July 2023 after remaining in surplus for the last four months, depicting impact of the recent ease in import curbs while recent administrative and regulatory measures aimed at improving availability of essential food commodities and curbing illegal activities in the foreign exchange market have begun to yield results which according to SBP helped in narrowing the gap between the interbank and open market exchange rates.
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