Pakistani rupee’s bull-run against US dollar continues in interbank market

Published: 08:25 PM, 4 Oct, 2023
Business
Pakistani rupee’s bull-run against US dollar continues in interbank market

The bull-run of Pakistani rupee against the US dollar continued for the 20th successive day in the interbank market on Wednesday, reported 24NewsHD TV channel.

According to the State Bank of Pakistan, the local currency soared by another Rs1.04 against the greenback and ended the day at at Rs284.68 in the interbank market.

On Tuesday, the Pakistani rupee had maintained its upward trajectory against the US dollar, gaining 0.36% in the interbank market. At close, the rupee had settled at Rs285.72 after an increase of Rs1.04.

In a key development, Pakistan’s headline inflation clocked in at 31.4% on a year-on-year basis in September, the Pakistan Bureau of Statistics (PBS). significantly higher than the reading in August when it stood at 27.4%. On a month-on-month basis, it was up 2%.

“The strengthening of PKR against US dollar is expected to play a mitigating role, offering some relief from inflationary pressures,” said Arif Habib Limited (AHL) in a report.

Pakistan’s trade deficit also narrowed, largely due to import compression, as pressure on the country’s foreign exchange reserves reduced to some extent.

 

Reporter Ashraf Khan

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