Rupee’s longest winning streak: Closes below Rs278 against US dollar

US dollar to Pakistani rupee exchange rate today

WEB DESK: In a remarkable streak, the Pakistani rupee extended its victorious run against the US dollar, marking its 27th consecutive gain in the inter-bank market on Friday.

The currency achieved an impressive 0.35 per cent increase, settling at Rs277.62, after a notable surge of Re0.96, according to the State Bank of Pakistan (SBP).

Just the previous day, the rupee had exhibited a similar trend, appreciating by 0.33 per cent to reach Rs278.58. This sustained surge against the US dollar is one of the longest seen in the inter-bank market.

This remarkable feat is attributed significantly to the government’s strict measures against smuggling and hoarding of foreign currency, coupled with substantial reforms in the Exchange Companies’ sector.

In a related development, the State Bank of Pakistan’s (SBP) foreign exchange reserves experienced a noteworthy uptick.

During the week ending October 6, 2023, these reserves increased by $31 million, reaching a total of $7.646 billion, compared to the previous figure of $7.615 billion as of September 28, 2023.

Read more: iPhone 15 Pro users troubled by a new ‘screen burn’ problem

Globally, the US dollar maintained its strength on Friday, applying pressure on various currencies.

This was spurred by stronger-than-expected US consumer inflation, reigniting expectations that the Federal Reserve might need to maintain higher interest rates for an extended period.

You May Also Like