The Pakistani rupee continues to move on an upward trajectory against the US dollar, gaining strength on a daily basis since hitting a record low of over Rs307 against the American currency.
On Wednesday morning, the greenback hit a bump of 80 paisas in the interbank market, and reached the value of Rs294.10.
Later in the afternoon, the currency lost Re1 and was traded at Rs293.90.
However, at the closing of the day's trading session, the US greenback depreciated by Rs1.02 and traded at Rs293.88.
In the open market, the US currency is being traded for Rs296.
The consistent drop in the value of dollar in the interbank market has also led to a significant decrease in the foreign loans. The external debt of the country has fallen by a massive Rs1.6 trillion.
Over the past few weeks, the US dollar has seen a drop in value of Rs13 in the interbank market and Rs34 in the open market.
The US dollar continued to slide against the Pakistani rupee on Tuesday also as it appeared to be gaining all the ground it lost over the past few weeks.
US dollar drops further in value against rupee#SamaaTV #dollar #dollarrate #rupee #economy #exchangerate #forex #currency pic.twitter.com/yz1Kb70Wez
— SAMAA TV (@SAMAATV) September 20, 2023
At the opening of the day’s trade on Tuesday, the American currency saw a dip of Rs1.25 in the interbank market.
The greenback was traded at Rs294.70 in the morning, as per currency dealers. A short while later, the dollar fell to Rs1.15 and reached the value of Rs294.80.
Later, the American currency depreciated by another Rs1.05 and traded at Rs294.94 in the interbank market on Tuesday afternoon.
In the open market also, the dollar witnessed a slump of Re1 and began trading at Rs296.
The rupee has seen a recent upswing, recovering from its record low of Rs307.1 in the interbank market. This positive turn of events can be attributed to structural reforms introduced by the State Bank of Pakistan in the exchange companies sector, coupled with reported efforts by authorities to clamp down on smuggling of dollar.
On the global stage, the greenback remained relatively stable on Wednesday, with a slight weakening against the Japanese yen as investors eagerly awaited the Federal Reserve's highly anticipated rate decision.
The US dollar index, a gauge of the greenback's strength against a range of other currencies, maintained its overall stability at 105.13, as market participants kept a close eye on the upcoming announcement from the Federal Reserve regarding interest rates.
