Pakistani rupee succumbs to US dollar in interbank trading

The Pakistani rupee made a positive start but later it caved in against the US dollar in the interbank market on Monday, reported 24NewsHD TV channel.

According to the State Bank of Pakistan, the local currency appreciated by 30 paisas against the greenback at the start but later it succumbed to the dollar, ending the day at Rs270.12, 32 paisais down.

Interbank closing #ExchangeRate for todayhttps://t.co/bEThWJNeZj#SBPExchangeRate pic.twitter.com/knhBFSTxV2

— SBP (@StateBank_Pak) October 23, 2023

During the previous week, the Pakistani rupee had snapped its rally against the US dollar and had closed Rs1.18 or 0.42% week-on-week lower to settle at Rs278.80 in the interbank market.

Interbank closing #ExchangeRate for todayhttps://t.co/gBc4wXdK0o#SBPExchangeRate pic.twitter.com/7at62UZLzX

— SBP (@StateBank_Pak) October 20, 2023

The Pakistani rupee, as per a brokerage house, fell amid higher dollar demand to make foreign payments.

Earlier, the rupee had maintained a positive close for 28 successive sessions - one of the longest appreciation runs as it cumulatively had gained 10.93% since hitting a record low of Rs307.10 in interbank market on September 5.

The unprecedented increase largely came on the back of a crackdown against smuggling and controls on exchange companies.

Reporter Ashraf Khan