The Pakistani Rupee (PKR), which has been seeing a steady recovery, made significant gains against the US Dollar (USD) on Wednesday in the interbank market.
At the end of today’s trading, the local currency was up 1.05 rupees against the US dollar. In relation to the USD, the PKR increased by 0.36 percent and ended the day at Rs. 288.75. At the end of yesterday’s trading session, the PKR had increased by Rs. 1.06 to close at Rs. 289.80.
The value of the PKR relative to the USD has increased by around 6% this month. The PKR has declined by 21.58 percent this year and 0.96 percent since the beginning of the current fiscal year, despite the unexpected rebound in September.
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On September 5, the PKR hit an all-time low versus the USD of Rs. 307.10. The State Bank of Pakistan (SBP) made structural reforms in the field of Exchange Companies and subsequently took action against smugglers and hoarders, which turned the tide.
The open market rate of the USD has also recovered by approximately Rs. 45, dropping from above Rs. 335 at the beginning of September to about Rs. 290.
Additionally, the PKR gained value on the interbank market today relative to all other significant currencies. It increased by Rs. 1.86, Rs. 2.28, and Rs. 1.51 in relation to the Euro (EUR), British Pound (GBP), and Australian Dollar (AUD), respectively.
Additionally, the PKR gained Rs. 1.12, Rs. 0.28, and Rs. 0.27 against the Canadian Dollar (CAD), UAE Dirham (AED), and Saudi Riyal (SAR), respectively.
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