'Unstoppable trend': Pak rupee surges by Rs2 against dollar in interbank

Karachi: The Pakistani rupee continued to strengthen against the US dollar on Friday, gaining Rs2.02 in the interbank market.

The State Bank of Pakistan (SBP) says the local currency closed at Rs219.92 per dollar. This equates to an appreciation of 0.92 per cent from yesterday’s close of Rs221.94. 

The rupee has recovered by Rs19.79 or 8.26pc in the last 11 sessions after falling close to an all-time low of Rs239.94 on Sept 22.

Interbank closing #ExchangeRate for todayhttps://t.co/CEioLfHgcC pic.twitter.com/2eVOCr3FNI

— SBP (@StateBank_Pak) October 7, 2022

According to market experts, the rupee’s value is improving because of regulators’ strict monitoring and action against speculators.

Exporters, who had kept their proceeds abroad, are now bringing back foreign exchange in fear of a further decline in the greenback’s value, which is improving supply.

They say the currency market expects the SBP’s Monetary Policy Committee to either maintain or reduce the interest rate in its meeting on Monday, which would further strengthen the rupee.