Karachi October 11 2023: On Wednesday, the Pakistani Rupee continues to extend its winning streak for the 25th consecutive session in the interbank trading, strengthening by PKR 1.01 against the US dollar to fall below PKR 280 level.
This marks the longest continuous positive trend in the country's history, surpassing the previous record of 22 consecutive days in November 2020.
Today Dollar trading with the Pakistani Rupee at PKR 279.5, a notable improvement from the previous day's closing rate of PKR 280.51
This remarkable appreciation of the Pakistani Rupee against the US dollar began on September 6 and has seen an overall increase of approximately PKR 27.59 or 9.8 percent in interbank trading over the course of these 26 consecutive recovery sessions, as of October 11th. This turnaround can be attributed to a 'zero-tolerance' approach towards smuggling and hoarding.
However, as reported by the Forex Association of Pakistan (FAP), yesterday the open market rates for buying and selling the dollar were recorded at PKR 277.3 and PKR 280.0 respectively.