Pakistani rupee takes its winning streak against US dollar to 23 in interbank
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The Pakistani rupee continued to flex its muscles against the US dollar in interbank on Monday, taking its winning streak to 23 sessions, reported 24NewsHD TV channel.
According to the data provided by the State Bank, the local currency was up by 0.37% and closed at Rs281.65, up by Rs1.04 in the interbank market.
https://twitter.com/StateBank_Pak/status/1711345855242895685
On Friday last, the Pakistani rupee had ended the week at Rs282.69 against the US dollar in the interbank. During the last week the rupee had gained 1.8% in five sessions and closed at its highest level since July.
Interbank closing #ExchangeRate for todayhttps://t.co/aYFAx4CjUk#SBPExchangeRate pic.twitter.com/FwC61gTGSG
— SBP (@StateBank_Pak) October 6, 2023
At the same time, the gap with rates in the open market narrowed to negligible levels, meeting a key condition of the programme with the International Monetary Fund (IMF).
The increase has come on the back of administrative measures including a crackdown on dollar smuggling and structural reforms in the Exchange Companies’ sector.
Meanwhile, during the previous week, the Ministry of Finance had asked all ministries to implement all the IMF directives as the first review under the Standby Arrangement (SBA) becomes due.
Total liquid foreign #reserves held by the country stood at US$ 13.03 billion as of September 28, 2023.
— SBP (@StateBank_Pak) October 6, 2023
For details https://t.co/WpSgomnKT3#SBPReserves pic.twitter.com/kqC0WnKZTm
Reporter Ashraf Khan