The Pakistani rupee continued extending its gain as the local unit appreciated further by Rs1.07 against the US dollar in the interbank trading on Wednesday, reported 24NewsHD TV channel.
According to the State Bank of Pakistan, the rupee continued to hold its ground against the greenback which slid to Rs298.82 after losing Rs1.07 paisas in its value at the end of trading for the day.
Yesterday, the local currency smashed through the Rs300 barrier against the US dollar, appreciating by Rs1.27 in the interbank market and ending the day at Rs299.89.
https://twitter.com/StateBank_Pak/status/1701564607876477049
The upward trajectory of the Pakistani rupee could be attributed to the government’s crackdown on currency smugglers and hoarders, and recent reforms introduced by the State Bank.
Besides this, the authorities have also tightened their noose around the Hawala/Hundi dealers.
With these measures in place, the dollar rate has also plummeted in the open market.
Yesterday, the exchange companies quoted the dollar at Rs297 for buying and Rs300 for selling – the open market rate was even below the interbank rate.
The State Bank has proclaimed that it would announce the policy rate on September 14. Traders are expecting that the central bank may increase the interest rate in order to control the skyrocketing inflation in the country.
Reporter Ashraf Khan