PKR maintains upward pace, gains Rs1.95 against dollar in interbank

Karachi: The Pakistani rupee continued to recover against the US dollar in the interbank trade on Monday, rising Rs1.95.

According to the State Bank of Pakistan, the local currency closed at Rs217.97 -- up by Rs1.95 from the last session’s close or 0.89pc.

Interbank closing #ExchangeRate for todayhttps://t.co/qJQerkvyHv pic.twitter.com/WM5rDxuKiQ

— SBP (@StateBank_Pak) October 10, 2022

Currency experts attributed the rupee’s gains to exporters “bringing their proceeds into the country at a rapid pace”. This, he explained, was causing a decline in the dollar’s demand.

They foresee the rupee making further gains in the future, expecting the interest rate to remain stable or reduce.

The central bank's expected announcement to maintain the policy rate also positiovely impacted the local currency's value.