Pakistani Rupee Continues Upward Trend Against US Dollar

The Pakistani Rupee (PKR) continued its upward trend against the US Dollar (USD) for 24th day in a row as it settles at Rs. 280.51 at the closing of the interbank market on Tuesday (10th October 2023).

The local currency has improved by Rs. 1.14 today compared to the previous day, when it closed at Rs. 281.65.

The Pakistan Rupee (PKR) has improved by Rs. 26.54 against the US Dollar during the last 21 sessions (working days).

Meanwhile, the USD to PKR rate in the open market stood around 277-281 range today. However, it bears mentioning that since September 4, the open market rate of PKR has recovered significantly by Rs. 57 against the greenback.

The gap between the open market and interbank has also shrunk massively as it showed improvement of Rs. 52 last month and Rs. 7 in October so far.

It is pertinent to mention that Pakistani Rupee (PKR) had reached at a record low of Rs. 307.1 against the greenback on September 6, but it has recovered due to the clampdown on illegal foreign currency trade in the grey and black markets.

Read more: SBP Interbank Closing Currency Exchange Rates in Pakistan – 10 October 2023.

Follow INCPAK on Facebook / Twitter / Instagram for updates.