On Wednesday, the Pakistani rupee extended its consecutive upward movement for the 17th session in a row. This followed the US dollar’s decline below the Rs290 mark for the first time in six weeks on the previous day.
According to data from the State Bank of Pakistan (SBP), the rupee strengthened by 0.36% compared to its previous close of Rs289.8. This gain was attributed to the US dollar losing Rs1.05 against the Pakistani rupee in the interbank market, ultimately closing at Rs288.75.
— SBP (@StateBank_Pak) September 27, 2023
Simultaneously, in the open market, the US dollar depreciated by one rupee and concluded at Rs290. Notably, this decrease in the value of the dollar comes after the government’s widespread crackdown on the hoarding and smuggling of foreign currencies, leading to a significant drop of over Rs18 in the greenback’s value.
In the previous week, the Pakistani rupee had also appreciated by 1.74%, settling at 291.76 against the US dollar.