KARACHI – The Pakistani rupee continued its recovery on Monday as the dollar has dropped to six-month low in interbank market.
Data shared by the State Bank of Pakistan (SBP) showed that the local currency appreciated by Rs1.04 as the greenback closed at Rs281.65 as compared to Friday’s Rs282.69.
The rupee posted consecutive 23 recovery sessions (+9.0%, PKR 25.4) against dollar since Sep 5, 2023. This is the highest number of consecutive positive sessions against the dollar.
Interbank closing #ExchangeRate for today https://t.co/Y4N14UBQb9#SBPExchangeRate pic.twitter.com/P70gl8fn6k
— SBP (@StateBank_Pak) October 9, 2023
In interbank market, the greenback depreciated by Rs1 to close at Rs280.50.
The free fall of the dollar started after the government launched a crackdown on dollars’ smuggling and hoarding. The operation has full support from the military leadership, who has vowed to curb spectrum of illegal activities to rid of economic losses.
Lately, Pakistani rupee emerged as world’s top-performing currency against USD, with staggering appreciation of nearly 10 percent.
UAE Dirham to Pakistani rupees today AED to PKR – 9 October 2023
