Pakistani rupee keeps recovering at snail’s pace against US dollar
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The Pakistani rupee recovered 17 paisas against the US dollar in the interbank market on Wednesday, reported 24NewsHD TV channel.
According to the State Bank of Pakistan, the local currency appreciated by 17 paisas and ended the day at Rs281.72.
Interbank closing #ExchangeRate for today https://t.co/bfEofcHWXE#SBPExchangeRate pic.twitter.com/xeNHWN25ys
— SBP (@StateBank_Pak) January 3, 2024
On Tuesday, the Pakistani rupee had closed the day at Rs281.89 in interbank market.
Interbank closing #ExchangeRate for today https://t.co/MrAy4prZ7J#SBPExchangeRate pic.twitter.com/l8yDqumNH5
— SBP (@StateBank_Pak) January 2, 2024
In a related development, the monthly data released by the Pakistan Bureau of Statistics (PBS) noted that the country’s exports increased by 5.17 percent ($737 million) to $14.981 billion during July-December 2023-24 compared to $14.244 billion in the corresponding period of the last fiscal year.
During the year 2023, the Pakistani rupee had overall registered a depreciation of 19.7% to R281.86. The decline came on account of economic challenges including a rising external financing gap, challenging global financial markets, and political instability.
Reporter Ashraf Khan