Pakistani rupee further appreciates against US dollar

KARACHI: The Pakistani rupee strengthened by Rs1.4 against the US dollar in the interbank market on Monday. The Pakistani rupee showed further improvement as it closed at Rs281.65, as reported by the State Bank of Pakistan.

Interbank closing #ExchangeRate for today https://t.co/Y4N14UBQb9#SBPExchangeRate pic.twitter.com/P70gl8fn6k

— SBP (@StateBank_Pak) October 9, 2023

Read more: PKR maintains one-month winning streak versus dollar, closes at Rs283.62

This upward trend can be attributed to a military-backed crackdown targeting currency smugglers, which has bolstered the rupee’s position in the international market.

On September 5, the Pakistani rupee faced a challenging period, plummeting to Rs307.10 against the dollar in the interbank market.

However, since the initiation of the military-backed crackdown on currency smugglers, hoarders, and speculators, the rupee has steadily embarked on a journey of recovery, earning the confidence of investors and analysts alike.

The recent closing rate of the rupee at Rs284.62 to the dollar, indicating a 0.37 per cent increase compared to the previous day’s close of Rs285.72, signifies a positive turn of events.

According to Geo News, industry experts attribute this surge to the diminishing demand for dollars in the black market, a consequence of the crackdown that eradicated illegal activities related to currency exchange.