Pakistani rupee registers 8th consecutive gain against US dollar in interbank

Pakistani rupee on Thursday witnessed another recovery session as it gained 11 paisas against the US dollar in the interbank, the eighth consecutive gain against the greenback, reported 24NewsHD TV channel.

According to the State Bank of Pakistan, the local currency went up by 11 paisas against the greenback and ended the day at Rs282.79.

Interbank closing #ExchangeRate for today https://t.co/9oQOEf4V2M#SBPExchangeRate pic.twitter.com/eMBOUJIr8P

— SBP (@StateBank_Pak) December 21, 2023

On Wednesday, the Pakistani rupee had maintained its upward trajectory against the US dollar as it appreciated 0.04%, settling for the day at Rs282.9 after an increase of 11 paisas.

Interbank closing #ExchangeRate for today https://t.co/ZH5R1YDIsi#SBPExchangeRate pic.twitter.com/GHP8BYZ4oP

— SBP (@StateBank_Pak) December 20, 2023

On Wednesday also, the Ministry of Finance had announced a downward revision of the returns on various National Savings Schemes.

According to a notification, the profit rates of Defence Savings Certificate, Pensioners, Welfare and Martyr's Certificate, Regular Income Certificate, Special Savings Certificates, Sarwa Islamic Term Certificate and Sarwa Islamic Certificate have been reduced by 0.12 to 1.64 percentage points.

Defence savings certificate profit is reduced from 14.46% to 14.34%. Pensioners, Welfare and Martyr's Certificate profit reduced from 16.32% to 16.08%. Regular income certificate profit was reduced from 16.08% to 15.12%. The average return on Special Savings Certificates has been reduced from 18.17 to 16.53 percent.

The profit on the five-year Sarwa Islamic Term Certificate has been reduced from 15.72 percent to 15.66 percent. Three-year Sarwa Islamic Certificate interest reduced from 18.23% to 18.00%. One-year Sarwa Islamic Certificate yield reduced from 21.80% to 21.37%. The profit rates of Savings Certificate and Sarwa Savings Account have remained unchanged.

Reporter: Ashraf Khan