US Dollar Falls for 27th Consecutive Day Against PKR

The US Dollar (USD) continues to fall as Pakistani Rupee (PKR) gains value for 27th consecutive working day, closing at Rs. 277.62 in the interbank market.

The greenback traded between Rs. 276 to Rs. 278 during the day before closing at Rs. 277.62 as per the State Bank of Pakistan (SBP).

It means that Pakistani Rupee (PKR) gained Rs. 0.96 or 0.35% against the US Dollar (USD) today, while the local currency has recovered by Rs. 29.43 during the last 24 sessions.

Meanwhile, the open market rate for USD to PKR remained around Rs. 277 – 278, which is only a slight different compared to interbank.

It bears mentioning that Pakistani Rupee (PKR) had fallen to a record low of Rs. 307.10 during September 2023.

Inflation has also improved, coming down to 31.4% in September 2023 after peaking at 38% in May 2023 and it is expected to fall even further in the coming months.

However, the pressure on foreign exchange reserves remains significant.

Read more: Dollar Rate in Pakistan (Daily Updates).