KARACHI: The rupee extended its winning streak for another week, gaining 1.79% during the five sessions to close at 277.62 against the US dollar in the inter-bank market.
Since its record low of 307.1 in the inter-bank market on Sept 5, the local currency has eked out one of the longest appreciation runs. In the last 27 consecutive sessions, the rupee has cumulatively gained 10.62% against the dollar.
The unprecedented increase has come largely on the back of a crackdown against smuggling and controls on the Exchange Companies (ECs) sector.
In a recent development, the State Bank of Pakistan (SBP) suspended the authorisation of another five exchange companies of ‘B’ category for noncompliance of rules and regulations.
With strict actions, the central bank has become more vigilant on exchange companies. During the last one month, authorisation of 9 exchange companies has been suspended for serious violations.
These measures have helped the rupee rebound from nearly 26% depreciation in the first eight months of 2023.
In September, the local unit closed the month with a gain of 6.2%, standing as the best performing currency.
In the open market, the PKR gained 4.50 rupees for both buying and selling against USD, closing at 274.00 and 277.00, respectively.
Against Euro, the PKR gained 2.00 rupees for both buying and selling, closing at 293.00 and 296.00, respectively.
Against UAE Dirham, the PKR gained 50 paisa for buying and 45 paisa for selling, closing at 76.00 and 76.75, respectively.
Against Saudi Riyal, the PKR gained 1.00 rupee for both buying and selling, closing at 73.50 and 74.20, respectively.
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THE RUPEE
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Weekly inter-bank market rates for dollar
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Bid Close Rs. 277.60
Offer Close Rs. 277.80
Bid Open Rs. 282.65
Offer Open Rs. 282.85
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Weekly open-market rates for dollar
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Bid Close Rs. 274.00
Offer Close Rs. 277.00
Bid Open Rs. 278.50
Offer Open Rs. 281.50
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Copyright Business Recorder, 2023