Pakistani Rupee Closes at 278.58 in Interbank Trading

interbank-trading

The Pakistani currency’s remarkable rebound against the US dollar persists, with the rupee gaining ground for the 26th consecutive time in interbank trading. During the day, it added another Rs0.93 to its value in a display of flexibility.

Data released by the State Bank of Pakistan (SBP) revealed that the local currency settled at an impressive 278.58 against the greenback.

This continuous flow in the rupee’s value has sparked optimism in the market.

interbank-trading

Earlier this week, the PKR had achieved a significant milestone by appreciating 0.36 percent to reach 279.51 against the US dollar. The State Bank has maintained a vigilant stance, actively monitored exchange companies and took severe actions to control violations. Recent times have witnessed crackdowns on at least 9 exchange companies for non-compliance.

Just last month, the Pakistani currency had hit an all-time low of Rs307.10 against the US dollar, which added to the concerns. However, a swift and robust response led to the rupee regaining over Rs25, marking a substantial recovery.

Currency experts attribute this revival of the rupee to proactive measures against currency smugglers and hoarders. The efforts to curb illegal practices have significantly contributed to the return of tens of millions of dollars to the interbank and open markets.

The ongoing trend of PKR’s resurgence against the USD is a promising sign for Pakistan’s economy and reflects the effective measures taken to stabilize the currency.

Ammara Ahmed

Ammara Ahmed

Leave a Reply

Your email address will not be published. Required fields are marked *