The US dollar (USD) continues to decline against the Pakistani rupee (PKR) in interbank trading, as reported by the State Bank of Pakistan (SBP).
On September 22, the Pakistani rupee (PKR) saw a gain of Rs1.02 against the US dollar in interbank trading, closing at Rs291.76 compared to the previous day’s rate of Rs292.78.
Over the span of nine days, the USD has dropped by Rs14 in the interbank market and Rs21 in the open market.
Interbank closing #ExchangeRate for today https://t.co/Ka0Vz0k1iS#SBPExchangeRate pic.twitter.com/qpsNh1KzqU
— SBP (@StateBank_Pak) September 22, 2023
It is worth mentioning that on September 14, the US Dollar (USD) index reached its highest level in six months. Economic data was mostly stronger than expected, and the European Central Bank (ECB) indicated that it had completed its rate hike cycle.
In August, US retail sales rose by 0.6%, exceeding the anticipated 0.2% increase, driven by higher gasoline prices. Weekly initial jobless claims increased to 220,000, but remained below the forecasted 225,000.