Buoyed Pakistani rupee drags US dollar down to Rs299
By News Desk
September 12, 2023 10:50 AM
The Pakistani rupee smashed through the Rs300 barrier against the US dollar, appreciating by Rs1.27 in the interbank market on Tuesday, reported 24NewsHD TV channel.
As per the State Bank of Pakistan, the local currency continued its merry run against the greenback for the fifth consecutive session, scoring a heavy gain of Rs1.27 and ended the day at Rs299.89.
Experts believe that the depreciation of the US dollar will certainly lower the import costs and will also dent the skyrocketing inflation.
On Monday, the Pakistani rupee had maintained an upward trend against the US dollar, appreciating for the fourth successive session to settle at Rs301.16 in the interbank market. At close, the rupee was up Rs1.79 or 0.59%, as per the State Bank of Pakistan (SBP).
Cumulatively, the rupee had appreciated nearly 2% in the last four sessions. Its surge in the open market, however, has been much more drastic.
During the previous week, the rupee’s interbank gap with the open market reduced massively while a reported crackdown on smuggling and speculation saw the currency reverse fortune after it hit a record low last Tuesday.
The move by the SBP to strengthen controls on exchange companies, and reports of the army chief’s intervention and deployment of law-enforcement personnel at currency dealer outlets saw the currency regain ground.
Another positive development was reported by the State Bank of Pakistan wherein the workers’ remittances during August 2023 had recorded an inflow of $2.1 billion, witnessing an increase of 3.1 percent compared to the last month.
Reporter Ashraf Khan