The rupee on Monday gained massively against the US Dollar in the open market!
The US Dollar was trading below the Rs300 mark in the open market on Monday as the local currency recovered over Rs4 in a single day.
The local currency was up Rs4.50 and traded for Rs300.50 around 11:25 a.m.
The difference between the open market and interbank exchange rates has now shrunk to 1.3%.
— SBP (@StateBank_Pak) September 11, 2023
On Friday, the local currency had closed at Rs302.95 after appreciating by Rs1.99, or 0.66 percent, against the greenback, which trading higher against most of the currencies around the world in recent weeks.
Further correction of up to Rs10-15 is expected in the coming days as a result of the government’s crackdown against illegal currency smugglers and hoarders.