US dollar at last beats Pakistani rupee in interbank market
The US dollar after day-long hammering by the Pakistani rupee recovered a few paisas towards the end of day in the interbank market on Tuesday, reported 24NewsHD TV channel.
According to the State Bank of Pakistan, the local currency went up by Rs1.23 at the start of trading but by the close of business the greenbakc came back hard and went up by 20 paisas, closing the day at Rs277.03
Interbank closing #ExchangeRate for todayhttps://t.co/Xmpc8bGt0G#SBPExchangeRate pic.twitter.com/sdhbPZmUOK
— SBP (@StateBank_Pak) October 17, 2023
Yesterday, the local unit notched up by 79 paisas against the greenback and ended the day at Rs276.83.
https://twitter.com/StateBank_Pak/status/1713890770250596368
Today is the 29th consecutive session in which the Pakistani currency extended its gain. The strengthening of the local currency is attributed to the ongoing army-backed crackdown to restrict illegal dollar outflows, along with other administrative measures taken by the government.
Caretaker Finance Minister Dr. Shamshad Akhtar also emphasized the government's dedication to ensure financial stability, improving fiscal governance and implementing reforms that would contribute to sustainable economic growth.
She was talking to the delegation of S&P Global on the sidelines of the annual meeting of the World Bank and the International Monetary Fund in Morocco on Monday.