Pakistani rupee maintains winning streak against US dollar

KARACHI: The Pakistani rupee has continued its remarkable upward trajectory against the US dollar, marking its 12th consecutive session of appreciation in the interbank market.

The gap between the interbank rate and the dollar’s value has further narrowed as the US dollar depreciated by Rs1.10 paisas settling at 292.78.

Interbank closing #ExchangeRate for today https://t.co/HDFfw4bKN9#SBPExchangeRate pic.twitter.com/TZ1lsMHqwR

— SBP (@StateBank_Pak) September 21, 2023

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The rupee has been on a merry run in recent days after hitting a record low of 307.1 in the inter-bank market on September 5.

The change in fortune comes as the State Bank of Pakistan (SBP) introduced structural reforms in the Exchange Companies’ (ECs) sector and administrative measures taken by the authorities to curb currency smuggling and hoarding.