Pakistani rupee continues to strengthen against US dollarBreaking

October 12, 2023

The US dollar saw another dip against the Pakistani rupee as it started Thursday's trading session in the interbank market. The day opened with the American currency further shedding 91 paisas in the interbank market to settle at Rs278.60. The greenback saw this dip in value in exchange for the Pakistani rupee, following the weeks-long trend of the currency's depreciation in both the interbank and open markets. On Wednesday, the mighty dollar dropped to a record low against the rupee as it fell below the Rs280 mark for the first time in three months.

At the start of the trading session on Wednesday morning, the US dollar fell by 86 paisas in the interbank market and reached the value of Rs279.65. At the time of closing of the day's trading, the American currency lost Re1 and closed at Rs279.51. This is the first time in three months that the greenback has dropped below the Rs280 mark in the interbank market. Similarly, in the open market, the American currency fell below the 280 mark to settle at Rs279 after a drop of Re1.

In the last one month, the dollar has lost 9% in its value in the open market, while in the interbank trade it has dropped by 17.5%. The Pakistani rupee gained 6.1% against the dollar in September, following the official clampdown on illegal foreign exchange trade in grey and black markets by security agencies. September's gains almost made up for all of the rupee's losses in August, and technically made it the best-performing currency in the world that month. The rupee hit a record low of 307.1 against the dollar on Sept 5 but has made a sharp recovery since the country's financial regulator and security agencies began taking action to curb black market operations.

 Credit: Independent News Pakistan (INP)