Tuesday, July 16, 2024

US Dollar on Free Fall Against Pakistani Rupee, Latest Rate Here

In the ever-evolving landscape of international currency markets, the Pakistani rupee (PKR) has been making headlines with its remarkable upward trajectory. Recent trading sessions have witnessed the PKR’s notable gains against the US dollar, underlining the currency’s increasing strength and resilience.

The upward surge in the PKR’s value is primarily attributed to recent reforms introduced by the State Bank of Pakistan (SBP). These reforms aim to streamline and unify various exchange companies under a single category with well-defined mandates and higher capital requirements.

The Pakistani rupee (PKR) has continued its upward surge, strengthening by 1.79 rupees against the US dollar in the recent interbank session, concluding at PKR 301.16 per USD, a notable improvement compared to the previous day’s closing rate of PKR 302.948 per USD.

In the open market, the local currency demonstrated even more resilience, appreciating by 6 rupees. Exchange companies in the open market quoted the dollar at 295 PKR for buying and 299 PKR for selling, in contrast to the previous rates of 301 PKR for buying and 305 PKR for selling.

These transformative reforms by the State Bank of Pakistan (SBP) have not only bolstered the Pakistani rupee’s value but have also contributed to the currency’s recent impressive performance in both the interbank and open market. This positive trend reflects the nation’s commitment to a stronger and more stable financial landscape.

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