KARACHI – Despite all signs of economic recovery, the Pakistani rupee moved downwards against the US dollar, as the local currency depreciated 0.11 percent in the inter-bank market on the first working day of the week.

Data shared by the central bank show the local currency settled at 279.12 after dropping by Rs0.32 in the inter-bank market.

Interbank closing #ExchangeRate for todayhttps://t.co/bEThWJNeZj #SBPExchangeRate pic.twitter.com/knhBFSTxV2

— SBP (@StateBank_Pak) October 23, 2023

Dollar rate in Pakistan today

Last week, the rupee lost its month long winning rally against the greenback and settled at 278.80 in the inter-bank market.

The rise in dollar value is being linked with higher dollar demand to make foreign payments.

If we look back, PKR maintained a positive close for 28 sessions, in stint that is said to be one of the longest upward runs as it cumulatively gained 10.93pc since hitting a record low in early September.

Pakistan’s civil, and military authorities tightened noose around the crackdown against smuggling and controls on exchange companies.