Pakistani Rupee Gains Ground Against the US Dollar

The Pakistani rupee hit a historic low of Rs307 in early September. However, stringent measures and a massive crackdown helped stabilize the local currency, leading to one of the longest periods of appreciation in recent history.

Earlier this week, the PKR showed signs of recovery against the US dollar after a brief dip on Wednesday.

Just a day ago, the dollar had risen by 3.26 rupees in the interbank, reaching 280.29 rupees.

Simultaneously, Pakistan’s current account deficit in September 2023 shrank to $8 million, a significant improvement from the $360 million deficit in the same month in 2022.

The Pakistani rupee continued to strengthen against the US dollar, with a decrease of Rs1.48 in the interbank market, closing at 278.81 rupees. In the open market, the dollar also depreciated by one rupee, reaching 280 rupees.

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