The Pakistani rupee gained another Rs0.93 against the US dollar and closed at Rs278.58 in the interbank trading on Thursday, reported 24NewsHD TV channel.
The Pakistani rupee has cumulatively gained 10% since it hit a record low of Rs307.1 in interbank market on September 5.
On Wednesday, the rupee had maintained its grip against the US dollar, as it gained another 0.36% in the interbank market. At closed, the rupee had settled at Rs279.51 after an increase of Re1.
This is one of the longest appreciation runs seen by the rupee against the US dollar in the inter-bank market and comes in large part due to the authorities’ crackdown on smuggling and hoarding of foreign currency as well as reforms in the Exchange Companies’ sector.
#SBP has suspended the authorization of 5 exchange companies on serious violations of SBP's regulations & instructions. These exchange companies can no longer undertake any kind of foreign exchange related business activity during suspension period.https://t.co/N6C2NeRJNS pic.twitter.com/cnA1o5WrMe
— SBP (@StateBank_Pak) October 11, 2023
Reporter Ashraf Khan