USD to PKR: Pakistani rupee continues to gain ground against dollar in interbank
The Pakistani rupee has continued to gain ground against the US dollar in the interbank market, closing at Rs. 296.85 on September 18, 2023. This is the lowest closing rate for the dollar since May 2023. The rupee's appreciation against the dollar is due to a number of factors, including: Increased remittances from overseas Pakistanis Improved export performance Reduced dollar demand from importers State Bank of Pakistan's measures to curb currency speculation The rupee's appreciation against the dollar is a positive development for the Pakistani economy. It will help to reduce the country's import bill and improve its current account balance. It will also make Pakistani exports more competitive in international markets. There are a number of factors that have contributed to the rupee's appreciation against the dollar. One of the most important factors is the increase in remittances from overseas Pakistanis. Remittances have been rising steadily in recent m...