On Wednesday, the Pakistani currency exhibited a robust rebound, strengthening by 2.5% or Rs8 against the US dollar in the open market around noon.
Notably, this recovery comes amidst a crackdown on individuals involved in smuggling foreign currency. As a result, the national currency has now recovered a total of Rs13. Currency dealers report this positive trend.
In the inter-bank market, which is a significant arena for importers and exporters, the currency maintained a relatively stable position throughout the day, holding at the previous day’s record low of Rs307 against the US dollar.
— SBP (@StateBank_Pak) September 6, 2023
The Pakistani rupee showed a modest improvement against the US dollar, closing at 306.98 in the inter-bank market. According to the State Bank of Pakistan (SBP), the rupee gained Re0.12 or 0.04%.
In contrast, the previous day (Tuesday), the rupee experienced consecutive declines against the US dollar, reaching a historic low of 307.10, marking a depreciation of 0.48% in the inter-bank market.