Karachi, October 16, 2023 – The Pakistani Rupee (PKR) has continued its remarkable rally against the US dollar for the 28th consecutive session, reaching a rate of PKR 276.83 in the interbank foreign exchange market.
This achievement is particularly significant as the local currency had previously fallen to a historic low of PKR 307.10 on September 5, 2023. Since then, the PKR has demonstrated impressive resilience, recovering by PKR 30.27 or 9.86% against the US dollar.
READ MORE: Dollar Weakens for 27th Straight Session in Pakistan to End at PKR 277.62
In the most recent session, the rupee gained 79 paisas from its closing rate on the preceding Friday, which was PKR 277.62 against the US dollar.
The appreciation of the rupee can be largely attributed to the significant increase in foreign exchange reserves held by the State Bank of Pakistan (SBP). The central bank reported a substantial weekly rise of $31 million in its foreign exchange reserves. This boost has elevated the SBP’s official foreign exchange reserves to $7.647 billion for the week ending on October 6, 2023, compared to $4.616 billion the previous week, ending on September 28, 2023.
READ MORE: Pakistani Rupee Achieves 26-Session Winning Streak, Ends at PKR 278.58 Against the Dollar
The sustained strength of the PKR can be attributed to a series of proactive administrative measures implemented to stabilize the exchange rate. These measures include a crackdown on currency smuggling and hoarding, effectively curbing speculative trading in the currency market. The State Bank of Pakistan’s commitment to this cause has been further underscored by the revocation of licenses of several exchange companies engaged in illegal forex transactions.
READ MORE: Rupee Remains Unbeatable Against Dollar for 25th Straight Session; Ends at PKR 279.51
The remarkable resilience and strengthening of the Pakistani Rupee against the US dollar indicate a positive trajectory for the country’s economy, reflecting prudent monetary and exchange rate policies. This development provides a sense of stability and confidence to investors and the business community, which is critical for economic growth and stability.
READ MORE: Rupee Bulldozes Dollar by 8.66% Since Falling to Historic Low
