Pakistani rupee takes its winning tally against US dollar to 28 sessions

The Pakistani rupee took its winning tally against the US dollar to 28^th session as it scored another appreciation in the interbank market on Monday, reported 24NewsHD TV channel.

According to the State Bank of Pakistan, the local currency went up by another 79 paisas against the greenback and ended the day at Rs276.83.

Interbank closing #ExchangeRate for todayhttps://t.co/ibl1yWdtfI#SBPExchangeRate pic.twitter.com/gUNSFzqWwg

— SBP (@StateBank_Pak) October 16, 2023

The rupee has cumulatively gained 11.05 percent since it hit a record low of Rs307.10 on September 5 last.

On the last trading on Friday, the Pakistani rupee had gained 0.35% in the interbank market as it had settled at Rs277.62 after an increase of 96 paisas.

Interbank closing #ExchangeRate for todayhttps://t.co/QIg5sty6p2#SBPExchangeRate pic.twitter.com/Bex2xUMoIx

— SBP (@StateBank_Pak) October 13, 2023

This is one of the longest appreciation runs seen by the rupee against the US dollar in the interbank market, which comes in large part due to the authorities’ crackdown on smuggling and hoarding of the foreign currency as well as reforms in the Exchange Companies’ sector.

In a related development, the State Bank of Pakistan’s foreign exchange reserves rose by $31 million to $7.646 billion during the week ended on October 6, 2023 compared to $7.615 billion as of September 28, 2023.

Total liquid foreign #reserves held by the country stood at US$ 13.03 billion as of October 06, 2023.
For details https://t.co/WpSgomnKT3#SBPReserves pic.twitter.com/eV5q9paBeE

— SBP (@StateBank_Pak) October 13, 2023

Reporter Ashraf Khan