Pakistani rupee extends gains against US dollar for straight 27th session

The Pakistani rupee continued extending its gains against the US dollar in the interbank trading as the local unit notched up for the straight 27th trading session on Friday, reported 24NewsHD TV channel.

According to the State Bank of Pakistan, the rupee refused to budge and maintained its upward trudge leaving the US dollar to depreciate by 96 paisa and exchange hands at Rs277.62 in the interbank session today.

https://twitter.com/StateBank_Pak/status/1712796085180412238

Yesterday, the Pakistani rupee appreciated by 93.04 paisas against the US dollar interbank trading as the currency settled the trade at Rs278.58 per US dollar.

https://twitter.com/StateBank_Pak/status/1712438748498276843

This is one of the longest appreciation runs seen by the rupee against the US dollar in the interbank market and comes in large part due to authorities’ crackdown on smuggling and hoarding of foreign currency as well as reforms in the Exchange Companies’ sector.

The rupee had reached a historic low of Rs 307.10 against the US dollar on September 5, 2023. However, since then, it has started showing resilience, staging an impressive comeback by gaining Rs29.06 in its value.

Reporter Ashraf Khan