After depreciating for two days, the Pakistani rupee exhibited recovery in both the inter-bank and open markets on Thursday, appreciating by 0.53% against the US dollar at the closing of trading session.
As per data shared by the State Bank of Pakistan (SBP), local unit closed trading at 278.81, marking an increase of Rs1.48 compared to the previous session.
The Pakistani rupee also displayed positive trend in the open market against the greenback, with currency dealers quoting it at 279 for selling and 276 for buying.
This positive movement follows a 1.16% depreciation experienced by the rupee on Wednesday when it settled at 280.29 in interbank.
The recent fluctuation comes after a remarkable 28-day winning streak for the Pakistani currency, which concluded on October 17 with a marginal 0.07% devaluation.
According to a report by Profit, the rupee had fallen to a record low of PKR 307.09 per dollar on September 5. But following a crackdown by agencies on illegal foreign exchange trading and structural reforms introduced by the central bank, the rupee had recovered every day in the interbank market since then. It had gained PKR 30.26 or 9.85% prior to today’s depreciation.
ijaz
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