The Pakistani rupee continued its upward trajectory against the US dollar, registering a 0.6 per cent appreciation in the inter-bank market on Monday.
At precisely 2:15 pm, the rupee was quoted at Rs301.10, marking a notable increase of Rs1.85 within the inter-bank market.
In the preceding week, the rupee exhibited a 0.83 per cent gain, concluding at 302.95 in its exchange rate against the US dollar within the inter-bank arena. However, this performance is only part of a larger narrative, as the gap between the inter-bank and open market rates underwent a substantial reduction.
This shift occurred in conjunction with reported measures taken to combat smuggling and speculative activities, leading to a remarkable turnaround for the currency after it had reached a record low just the previous Tuesday.
The State Bank of Pakistan’s (SBP) initiative to fortify controls over Exchange Companies, coupled with reports of the army chief’s intervention and the deployment of law-enforcement personnel at currency dealer outlets, played pivotal roles in the rupee’s resurgence.
