USD to PKR: Pakistani rupee continues recovery against dollar, rises by Rs1.04 in interbank

KARACHI – The Pakistani rupee continued its positive trajectory against the US dollar in the interbank market on Thursday with the local currency’s recovery relating to crackdown launched against hoarders and outflows of the foreign currency through unlawful means.

During the intraday trading, PKR moved up against the USD, and hovered at 287.73, with an increase of Rs1.04, in the interbank market.

Yesterday, the Pakistani rupee appreciated 0.36pc to settle at 288.75.

Last week, the government said a crackdown to prevent cross-border smuggling was initiated across Pakistan. The country’s central bank also stepped up supervision of the foreign exchange market, ordering banks to set up separate entities to conduct forex transactions.

The SBP also introduced structural reforms in the exchange companies’ sector to provide better services and to ensure a transparent system.