The Pakistani rupee hit an all-time low of Rs307 back in early September, but stringent measures and a massive crackdown led to a remarkable recovery, marking one of the longest periods of rupee appreciation in recent history.
Simultaneously, Pakistan’s current account deficit for September 2023 significantly reduced to $8 million, compared to the $360 million deficit recorded in the same month in 2022.
In the open market, the dollar also depreciated by one rupee, making it worth 280 rupees. The Pakistani rupee continued its upward trend against the US dollar, with a notable increase of Rs1.48 in the interbank market, resulting in a closing rate of 278 rupees and 81 paise for the dollar today.
Earlier this week, the Pakistani rupee rebounded against the greenback following a brief dip on Wednesday. Yesterday, the dollar saw an increase of 3 rupees and 26 paisa in the interbank market, raising the rate to 280 rupees and 29 paisa.