Pakistani rupee further appreciates against US dollar

KARACHI: The Pakistani rupees appreciated 1 rupee and 2 paise against the US dollar in the interbank market on the last day of the trading week on Friday.

According to the State Bank of Pakistan, the Pakistani currency appreciate in the interbank market to close at Rs291.76 paise.

The dollar has depreciated by Rs15. 34 paise so far against the Pakistani rupees since reaching Rs307.

On September 5, the dollar traded at its highest level of 307 rupees.

The dollar has depreciated against the Pakistani rupee since the crackdown on dollar was launched by Pakistani authorities in early September 2023.

PSX posts moderate gains towards the end of trading week

The crackdown has also strengthened the rupee by almost 10% in the retail market this week.

The president of the Forex Association of Pakistan, Malik Bostan, has claimed that the dollar could fall to as low as 250 rupees if the crackdown against smuggling continues.

The government is also deploying security officials in plainclothes at money exchanges to monitor dollar sales. The measures are aimed at curbing illegal activities that hamper the stability of the currency market and the economy.