Pakistani rupee bounces back against US dollar in interbank

KARACHI – Pakistani rupee advanced recovery mode against the US dollar, as the local unit continues to regain value against high-flying currency.

During intra-day trade, the local currency moved up by 0.11 percent during the opening hours. The rupee hovered around 278.50 in the interbank market.

Last week, PKR ended its month-long rally against the greenback and closed Rs1.18 or 0.42% week-on-week lower to settle at 278.80.

In the first half of October 2023, the local unit maintained a positive close for 28 successive sessions - one of the longest appreciation runs as it cumulatively gained 10.93pc since hitting a record low of 307.1 in the inter-bank market on September 5.

Besides the interbank, the rate of local currency in the open market also witnessed gains in light of administrative and enforcement measures.

Pakistani authorities tightened noose against currency hoarders and smugglers, which helped ending depreciation.