USD to PKR rate in Pakistan further down, settles at Rs290.86

KARACHI: The US dollar rate in Pakistan further declined against Pakistani rupee and settled at Rs290.86 after an decrease of Re0.9 in the inter-bank market on Monday (September 25).

The rupee maintained its upward trajectory for the 14th successive session and recovered 5.28% or Rs16.24 since hitting a record low of 307.1 against the US dollar in the inter-bank market on September 5.

The rupee’s rate in the open market has also become stronger, reducing the ‘premium’ to negligible values and meeting the benchmark set by the International Monetary Fund (IMF).

Experts say the rupee’s appreciation is on the back of administrative and enforcement measures, some believe the gain reflects the currency’s fundamental value if ‘speculation’ and negative sentiment were to be kept aside.

Globally, the US dollar was on the front foot in the broader currency market, extending its gains from last week after a still-hawkish Federal Reserve surprised markets by signalling US rates would need to stay higher for longer than initially expected.