The Pakistani rupee on Wednesday appreciated by Rs1 to Rs279.51 against the US dollar in the interbank trading, reported 24NewsHD TV channel.
On Tuesday, the Pakistani rupee had appreciated another 0.41% in the interbank market and had settled at Rs280.51 after an increase of Rs1.14.
The local currency has cumulatively gained 9.5% since it hit a record low of Rs307.1 in the interbank market on September 5.
This is one of the longest appreciation runs seen by the Pakistani rupee against the US dollar in the interbank market, and comes in large part due to the authorities’ crackdown on smuggling and hoarding of foreign currency as well as reforms in the Exchange Companies’ sector.
Meanwhile, remittances for September came in at $2.21 billion, according to data shared by the State Bank of Pakistan (SBP). This figure, though shows an improvement from last month’s $2.09 billion, was significantly lower than market expectations of $2.4-2.5 billion.
https://twitter.com/StateBank_Pak/status/1711690057570992185
Reporter Ashraf Khan