In the interbank market, the Pakistani rupee continued its upward trend on Tuesday, breaching the Rs290 mark against the US dollar by day’s end. Analysts attribute this surge mainly to the stringent actions taken in the money market.
At the close of trading in the interbank market, the exchange rate for the dollar stood at Rs289.80, as reported by the State Bank of Pakistan. This marked a decrease of Rs1.06 compared to the previous day’s closing rate of Rs290.86.
The recent gains mark a consistent uptrend that has been ongoing since the authorities initiated a crackdown on illegal dollar trading earlier this month.
In the open market, the Pakistani rupee also showed strength against the US dollar, with the exchange rate at Rs292, as opposed to the previous day’s rate of Rs293, according to the Exchange Companies Association of Pakistan.
Saad Bin Naseer, Director of the financial services platform Mettis Global, noted that this day marked the 16th consecutive day of appreciation for the PKR, amounting to nearly a 6 percent increase.
Naseer commented, “This surge is primarily attributed to administrative measures. The government’s assessment is accurate, as it appears that speculative factors contributing to rupee depreciation are being addressed through these crackdowns.”
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