- Web Desk
- 1 Hour ago
Rupee maintains momentum against US dollar
- Web Desk
- Oct 16, 2023
KARACHI: In a remarkable display of strength, the Pakistani rupee has continued its impressive run against the US dollar, marking a gain of 0.41 percent during the early hours of trading in the inter-bank market on Monday.
By midday, the rupee had reached a rate of 276.48, marking a notable increase of Rs1.14 in the inter-bank market. These latest figures serve as a clear indicator that the Pakistani Rupee’s upward trajectory persists in interbank trading, even in the wake of a significant crackdown in the open market—an action initiated by the civilian and military leadership within the apex committee.
Gold Prices rise again
During the preceding week, the rupee’s winning streak extended, showing a notable 1.79 percent gain across five sessions, ultimately closing at 277.62 against the US dollar in the inter-bank market.
Following this crackdown, the US dollar has officially depreciated to approximately Rs30 against the PKR, marking a substantial shift.
Providing a glimmer of hope for financially strained individuals experiencing record-high inflation, the caretaker government has taken substantial measures to decrease the prices of petrol and diesel per liter.
In response to these developments, the central bank has adopted a more vigilant approach towards exchange companies, taking strict actions.
Over the course of the last month, the authorization of nine exchange companies has been suspended due to serious violations, underlining the commitment to maintaining financial integrity and stability.