KARACHI – Pakistani rupee continued its recovery against the dollar as authorities tightened the noose around the smugglers and currency hoarders.
The rupee moved up for the 14th successive session against the greenback on Monday. Data State Bank of Pakistan (SBP), PKR settled at 290.86 after an increase of Rs0.9 in the inter-bank market.
In the last 2 weeks, the local currency recovered Rs16.24 since hitting a record low of 307.1 against the US dollar in the inter-bank.
Last week, PKR appreciated another 1.74pc, closing positive in all five sessions to settle at 291.76 against the US dollar.
In the open market, rupee became stronger, and gained over against USD in the back-to-back sessions against Afghan transit and hawala.
Financial experts claim that the rupee will reach around 280 against dollar, as the interim government took stringent measures to curb demand in the open market.
Gold price drops in Pakistan in line with international market trend
