PKR continues its upward trend against USD

KARACHI: The Pakistani rupee (PKR) continued to post gains against the greenback (USD) on Wednesday and closed at Rs298.82, ARY News reported. 

Pakistani Rupee gained Rs1.06 against the US dollar in the interbank trading and closed at Rs298.82 against the previous day’s closing of Rs299.88.

Interbank closing #ExchangeRate for today https://t.co/MfoTzkTVkZ#SBPExchangeRate pic.twitter.com/pSllzOxdht

— SBP (@StateBank_Pak) September 13, 2023

However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market stood at Rs297 and Rs300 respectively.

Analysts said that the dollar price was reduced after ongoing crackdowns across the country to curb currency smuggling.

On September 11, the US dollar (USD) went down below the interbank rate in the open market. USD was dropped by 4.00 rupees in open market and traded at 298 rupees till evening.

Related: USD gains Rs 0.17 against Pakistani rupee

“The greenback rate dropped by 2.35 rupees in interbank and trading at 300.60 Pakistani rupees,” the forex dealers said.

The banks sold USD to importers at 301.05 Pakistani rupees. The US dollar rate was at parity in the interbank as well as in the open market.

The dollar’s buying has been scarce, while sellers’ number has soared in exchange companies.

In August, the Pakistani rupee (PKR) had been witnessing a continuous devaluation and witnessed a Rs1.35 drop against the US dollar (USD) in the interbank trading and closed at Rs305.80.

In the previous month, the buying and selling rates of the dollar in the open market stood at Rs322 and Rs325 respectively.