Rupee falls 32 paisas to close at Rs279.12 in interbank market

Karachi: (Suno News) The US dollar on Monday appreciated by 32 paisas against the Pakistani rupee in the interbank market.

The Pakistani rupee made a positive start, but later it succumbed to the US dollar.

After losing 32 paisas to the US dollar, the local currency ended the day at Rs279.12.

Interbank closing #ExchangeRate for todayhttps://t.co/bEThWJNeZj#SBPExchangeRate pic.twitter.com/knhBFSTxV2

— SBP (@StateBank_Pak) October 23, 2023

During the previous week, the Pakistani rupee had snapped its winning streak against the greenback and settled at Rs278.80 in the interbank market.

Interbank closing #ExchangeRate for todayhttps://t.co/gBc4wXdK0o#SBPExchangeRate pic.twitter.com/7at62UZLzX

— SBP (@StateBank_Pak) October 20, 2023

Earlier, the Pakistani rupee maintained a positive close for 28 successive sessions.

The local currency cumulatively gained 10.93 percent since hitting a record low of Rs307.10 in the interbank market on September 5.

A heavy-handed crackdown on the smuggling of dollars is said to be the reason behind the unprecedented increase in the value of the Pakistani rupee.