The Pakistani rupee, emboldened by the government’s crackdown on the currency smugglers, once against knocked down the US dollar in the interbank market on Monday, reported 24NewsHD TV channel.

According to the State Bank of Pakistan, the local currency was surged by Rs1.79 against the greenback and ended the day at Rs301.16.

https://twitter.com/StateBank_Pak/status/1701192499098996840

Cumulatively, the Pakistani rupee has appreciated 1.7% in the last four sessions against the greenback. Its surge in the open market, however, has been much more drastic.

On Friday last, the Pakistani rupee continued its merry run against the US dollar, appreciating for the third consecutive session to settle at Rs302.95 in the interbank market. At close, the rupee was up Rs1.99 or 0.66%.

https://twitter.com/StateBank_Pak/status/1700087698122481944 

Dollar falls below interbank rate in open market

No sigh of relief for the US dollar in the open market also as the greenback nosedived against the Pakistan rupee even below the interbank level.

The US dollar was depreciated by massive Rs3.50 in the open and was currently being traded at Rs300.50.

British pound also suffered a loss of Rs2 and was exchanging hands at Rs379 at the moment, Emirati dirham lost Rs2 in its value at Rs83.30, Saudi riyal is being traded at Rs79.80 after sinking by one rupee and euro is unchanged at Rs325.

In a key development, the top military brass had reiterated to continue full support to ongoing efforts in uplifting socioeconomic growth under the umbrella of Special Investment Facilitation Council (SIFC) and assisting the caretaker government in curbing all illegal activities which hamper economic stability, growth and investors’ confidence.

In a related development, currency dealers, while lauding the role of Chief of Army Staff (COAS) Asim Munir, informed that exchange companies have surrendered $20 million to the interbank market during the last two days as there is no demand in the market.

 

Reporter Ashraf Khan