Pakistani rupee drags US dollar below Rs290 mark in interbank market

The Pakistani rupee continued to flex its muscles for the 15^th consecutive session against the US dollar in the interbank market with a handsome gain on Tuesday, reported 24NewsHD TV channel.

According to the State Bank of Pakistan, the confident rupee pressed ahead with its march appreciating by Rs1.06 against the greenback and ended the day at Rs289.80.

Interbank closing #ExchangeRate for today https://t.co/4maBgCIoV5#SBPExchangeRate pic.twitter.com/KOrJRJtHa3

— SBP (@StateBank_Pak) September 26, 2023

On Monday, the Pakistani rupee had its upward trajectory against the US dollar by gaining another 0.31% in the interbank market. At close, the rupee had settled at Rs290.86 after an increase of 90 paisas.

https://twitter.com/StateBank_Pak/status/1706271089234788501 

The rupee had maintained its merry run in recent days and recovered 5.33% or Rs17.24 since hitting a record low of Rs307.1 against the US dollar in the interbank market on September 5.

The rupee’s rate in the open market has also become stronger, reducing the ‘premium’ to negligible values and meeting the benchmark set by the International Monetary Fund (IMF).

While many experts say the rupee’s appreciation is on the back of administrative and enforcement measures, some believe the gain reflects the currency’s fundamental value if ‘speculation’ and negative sentiment were to be kept aside.

 

Reporter Ashraf Khan