There was no looking back for the Pakistani rupee as it built on from where it left at the weekend, appreciating by 90 paisas against the US dollar in the interbank market on Monday, reported 24NewsHD TV channel.
As per the data provided by the State Bank of Pakistan, the local currency scored 14th straight rise against the greenback and gained 90 paisas in its value, leaving the US dollar to be closed at Rs290.86.
https://twitter.com/StateBank_Pak/status/1706271089234788501
On Friday last, the Pakistani rupee had maintained its momentum against the US dollar, gaining 0.35% in the interbank market. At close, the rupee had settled at Rs291.76 after an increase of Rs1.02.
Interbank closing #ExchangeRate for today https://t.co/Ka0Vz0k1iS#SBPExchangeRate pic.twitter.com/qpsNh1KzqU
— SBP (@StateBank_Pak) September 22, 2023
During the previous week, the rupee had appreciated by 1.74%, closing positive in all five sessions against the US dollar in the interbank.
The rupee’s rate in the open market has also become stronger, reducing the ‘premium’ to negligible values and meeting the benchmark set by the International Monetary Fund (IMF).
While many experts say the rupee’s appreciation is on the back of administrative and enforcement measures, some believe the gain reflects the currency’s fundamental value if ‘speculation’ and negative sentiment were to be kept aside.
Experts believe the rupee is expected to further gain in coming days to at least reach Rs278-280 against the US dollar, if the positive measures continued like the crackdown on dollar smuggling and some external flows materialise timely.
https://twitter.com/ShahidAliHabib1/status/1705501437239656465
Reporter Ashraf Khan