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Rupee sees 16th consecutive session of appreciation, settles at 288.75 against US dollar

  • Local currency has gained 6.4% since it hit a record low of 307.1 in inter-bank market on Sept 5
Published September 27, 2023

The Pakistani rupee maintained its positive momentum against the US dollar, gaining 0.36% in the inter-bank market on Wednesday. This is the rupee’s 16th consecutive increase against the greenback.

As per the State Bank of Pakistan (SBP), the rupee settled at 288.75 after an increase of Rs1.05 in the inter-bank market.

On Tuesday, the rupee had appreciated 0.37% to settle at 289.80.

The rupee has maintained its upward trajectory in recent days and recovered over 6% since hitting a record low of 307.1 against the US dollar in the inter-bank market on September 5.

Globally, the US dollar traded near a 10-month high against its major peers on Wednesday as Treasury yields stayed elevated on the prospect of higher-for-longer US rates, while the yen stumbled towards a closely-watched intervention zone.

Fed officials have in recent days flagged the possibility that the central bank would need to raise interest rates further after it kept rates steady last week but stiffened its hawkish monetary policy stance.

That has sent US Treasury yields scaling multi-year highs as money markets adjust their expectations of where US rates could peak, and for monetary conditions to remain tighter for longer than initially thought.

The US dollar index last stood at 106.20, having peaked at a 10-month high of 106.26 in the previous session, while the euro languished near Tuesday’s six-month low and last bought $1.0569.

Oil prices, a key indicator of currency parity, rose by more than $1 a barrel on Wednesday as markets focused on supply tightness heading into winter and a “soft landing” for the US economy.

Inter-bank market rates for dollar on Wednesday

BID Rs 288.75

OFFER Rs 288.95

Open-market movement

In the open market, the PKR gained 1.00 rupee for both buying and selling against USD, closing at 287.00 and 290.00, respectively.

Against Euro, the PKR gained 3.00 rupees for both buying and selling, closing at 306.00 and 309.00, respectively.

Against UAE Dirham, the PKR gained 30 paisa for both buying and selling, closing at 80.70 and 81.50, respectively.

Against Saudi Riyal, the PKR gained 50 paisa for both buying and selling, closing at 76.30 and 77.00, respectively.

Open-market rates for dollar on Wednesday

BID Rs 287.00

OFFER Rs 290.00


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Haris Sep 27, 2023 10:34am
we should understand the pains of pro-pti people. bear it dear ones bear it. keep praying to make Pakistan just like Srilanka. but whatever you will pray its hard to see Dhakan Khan outside the prison :)
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Abdul Qahar Sep 27, 2023 11:24am
@Haris, exactly dhakan khan and his retard economic strategy based on bringing youtubers to promote tourism is the economic model his cultist see Pakistan prospering
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Fazeel Siddiqui (Overseas Pakistani) Sep 27, 2023 12:56pm
Everyone knows, by force USD rate is expected to hover between 280-290 to extract ransom from Overseas Pakistanis remittances at fake low rate and to sell this cheap dollars to well respected civil & non civil officials, importers and money launderers to remit back abroad. Economy is badly assaulted by short term post holders since 75 years.
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ISZ Sep 27, 2023 01:54pm
Make USD official currency, thats it.
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Doc Asad Sep 27, 2023 05:38pm
Abhi sare ghulam zehniat Jo pichle 16 months se chupe bethe the ab Nikal rahe Hain jashan manane ...Moka nhi mil rha that na becharo ko...khair during PTI it was less than 180 ... let's see abbu Kahan tak khush Rakh sakte in ghulamo ko :)
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Yousuf Sep 27, 2023 06:53pm
Don’t humiliate each other due to political differences but the reality is let rupee value correct itself based on supply and demand. Currently we have to be very careful and don’t repeat the similar mistake what previous Finance minister did by forcibly kept the rupee strong and that will hurt the exports. Think wisely than emotionally.
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Builder Sep 27, 2023 09:12pm
Gone are the days when exchange rate was artificially kept lower - we simply don't have enough dollars to pump in the system. The hoarders, smugglers and speculators are dumping currency in market due to downward trend. Not sure why expats want rupee highly devalued.
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Mian Zahoor Sep 27, 2023 11:59pm
Pakistan's economy can never afford free market exchange rate. It has to be managed. what we have gained by doing experiments during PTI 3.5 years and then corrupt PDM. unless Pakistan export is textile and food items stated need to control currency
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