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.

https://twitter.com/StateBank_Pak/status/1742510899846599158

On Tuesday, the Pakistani rupee had closed the day at Rs281.89 in interbank market.

https://twitter.com/StateBank_Pak/status/1742161116292432204

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