Rupee appreciates against US dollar in interbank

ISLAMABAD: The Pakistani rupee’s (PKR) upward trajectory against the US dollar continued, as it settled at Rs301.16 in the inter-bank market on Monday.

By the time the market closed, the US dollar had weakened by 0.59 per cent against the local currency, resulting in a gain of Rs1.79 for the PKR, according to the State Bank of Pakistan (SBP).

Interbank closing #ExchangeRate for todayhttps://t.co/f5wvUJ0tOt#SBPExchangeRate pic.twitter.com/GXhow8RV8B

— SBP (@StateBank_Pak) September 11, 2023

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In a noteworthy development, currency dealers acknowledged the role of Chief of Army Staff (COAS) Asim Munir, highlighting that Exchange Companies had contributed $20 million to the inter-bank market in the past two days due to reduced market demand.