Pakistani rupee scores 21st consecutive gain against US dollar in interbank
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The Pakistani rupee extended its appreciation march against the US dollar to 21 gains in a row in the interbank market on Thursday, reported 24NewsHD TV channel.
The local currency has surged by 8.3 percent since it hit a record low of Rs307.10 in interbank on September 5.
As per the State Bank of Pakistan, the rupee appreciated by Rs1.06 against the greenback and ended the day at Rs283.62.
Interbank closing #ExchangeRate for todayhttps://t.co/qtiNwkVcev#SBPExchangeRate pic.twitter.com/8OgjPQVjH4
— SBP (@StateBank_Pak) October 5, 2023
On Wednesday, the Pakistani rupee had continued its merry-run against the US dollar, gaining 0.37% in the interbank market. At close, the rupee had settled at Rs284.68 after an increase of Rs1.04.
Interbank closing #ExchangeRate for today https://t.co/7gpAlrU3K4#SBPExchangeRate pic.twitter.com/TgifPc4YOj
— SBP (@StateBank_Pak) October 4, 2023
In a key development, the World Bank has projected Pakistan’s real GDP growth to recover to 1.7% in FY24 and 2.4% in FY25. As per World Bank’s report ‘Pakistan Development Update: Restoring Fiscal Sustainability’ released on Tuesday, economic growth is expected to remain below potential over the medium term with some improvements in investment and exports.
“Without a sharp fiscal adjustment and decisive implementation of broad-based reforms, Pakistan’s economy will remain vulnerable to domestic and external shocks,” it said in the statement.
Reporter Ashraf Khan