ISLAMABAD: The Pakistani rupee has been consistently strengthening against the US dollar, marking daily gains since it reached a record low of over Rs307 against the American currency.
On Wednesday morning, the US dollar lost 80 paisa in the interbank market, reaching a value of Rs294.10. In the open market, it is trading at Rs296.
The decline of the US dollar against the Pakistani rupee persisted on Tuesday, with the American currency retracing some of the ground it had recently gained. At the beginning of Tuesday’s trading, the US dollar experienced a drop of Rs1.25 in the interbank market. The green bank was initially trading at Rs294.70.
Shortly thereafter, it slipped further by Rs1.15, reaching Rs294.80. Later in the afternoon, the US dollar depreciated by another Rs1.05, settling at Rs294.94 in the interbank market.
In the open market, the dollar also witnessed a decline of Re1, commencing at Rs296.
The recent strengthening of the rupee follows a recovery from its record low of Rs307.1 in the interbank market. This positive trend is attributed to structural reforms implemented by the State Bank of Pakistan in the exchange companies sector, coupled with efforts by authorities to combat dollar smuggling.
On the global stage, the US dollar remained relatively stable on Wednesday, displaying a slight weakening against the Japanese yen as investors awaited the Federal Reserve’s highly anticipated interest rate decision.
The US dollar index, which gauges the greenback’s strength against various currencies, maintained an overall stability at 105.13, with market participants closely monitoring the Federal Reserve’s forthcoming announcement on interest rates.
