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Pakistani rupee continues to get strength against USD

Source: Xinhua | 2022-10-08 | Editor:Ines

The Pakistani rupee continues to get significant strength against the U.S. dollar as the greenback was traded at 219.92 rupees in the interbank on Friday, according to the State Bank of Pakistan.

The U.S. dollar closed at 221.94 rupees on Thursday, and on the last working day it went down after the local currency appreciated by 2.02 rupees or about 0.92 percent, the official figures showed.

The greenback during the last 11 sessions dropped by 19.78 rupees or 9 percent. During this week only, the local currency appreciated by 8.53 rupees or 3.88 percent against the U.S. dollar.

According to market analysts, the exporters who had kept their proceeds abroad are now bringing the foreign exchange back to the country amid the fears that the U.S. dollar would suffer a further decline in the coming days which has increased the money supply.

Additionally, the strict monitoring from relevant state authorities has also resulted in an increase in the local currency's value.  

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