ISLAMABAD: The upward trend of the Pakistan rupee continued since the government took corrective measures across the country, whereas on Monday, the local currency gained Rs1.79 against the American Dollar in the interbank trading and closed at Rs301.16 against 302.95 on the previous day, as reported by State Bank of Pakistan.
Interbank closing #ExchangeRate for todayhttps://t.co/f5wvUJ0tOt#SBPExchangeRate pic.twitter.com/GXhow8RV8B
— SBP (@StateBank_Pak) September 11, 2023
Meanwhile, the open market also reacted at the same pace, where the value of the greenback slid down below the 300 threshold. According to the Forex Association of Pakistan (FAP), the buying and selling rates of the US dollar in the open market were traded in the range of Rs298.1 and Rs301, respectively.
Pakistani Rupee Against Other Currencies
Like the greenback, the price of the Euro also witnessed a decline and went down by Rs 1.46 to close at Rs323.02 against Rs324.48 last day as reported by the State Bank of Pakistan.
However, the Japanese Yen recorded no change and settled at Rs2.05, whereas the British Pound recorded a decline of Rs1.33 and was traded at Rs377.17 as compared to Rs378.50 the previous day.
The exchange rates of the Saudi Riyal and the Emirates Dirham also witnessed a decrease by 47 and 49 paisa to close at Rs80.29 and Rs81.99, respectively.
Improvement in Local Currency
A couple of days before, the government launched a decisive crackdown against the elements involved in dollar smuggling, hoarding and other crime cartels. Accordingly, FIA (Federal Investigate Agency) backed by other government agencies and institutions, conducted several raids in different parts of the country, followed by a number of arrests. As a result, the value of the local currency started to stabilized and slide down from its highest level of Rs307 against the dollar in the interbank and from Rs335 to Rs300 in the open market.
