Pakistani rupee gains further ground against US dollar, hovers around 275 in interbank

KARACHI – Pakistani rupee continued its winning streak against the US dollar, gaining further ground during the opening hours of trading in the inter-bank market.

Today Dollar Rate in Pakistan

Before noon, the local currency was being quoted at 275.50, with an increase of Rs1.33, in the inter-bank market.

On Monday, the local unit moved 0.29pc to settle at 276.83.

Last week, Pakistani currency advanced its momentum gaining 1.79 percent in the five sessions to close at 277.62 against the dollar.

Rupee moved down to 307.1 in the inter-bank market on September 5, but authorities continued crackdown against smuggling and controls on the Exchange Companies (ECs) sector.

With administrative measures introduced by the central bank, Pakistan started crackdown on money market and so far 9 exchange companies faced suspension over regulatory violations.