Pakistani rupee continues stability against USD

by IANS |

Islamabad, Nov 9 (IANS) The Pakistani rupee (PKR) continues its recently achieved stability streak with a marginal increase in its value as the greenback was traded at 221.65 PKR in the interbank market, according to the State Bank of Pakistan (SBP).

The US dollar closed at 221.66 PKR on Monday, and on the second working day of the week the local currency appreciated by 0.01 PKR, or about 0.00 per cent, against the US dollar, the SBP said on Tuesday.

The PKR recorded a gain of 0.26 PKR or 0.12 per cent appreciation on Monday in the inter-bank market.

The local currency largely witnessed a stable trend over the last week, moving in between 221 and 222, despite the strengthening of the greenback against the other currencies.

According to market analysts, this exchange rate's stability was a result of strict monitoring by the concerned government authorities.

Additionally, the SBP and Federal Investigation Agency on Monday announced to take a concerted joint effort to apprehend and implicate illegal foreign exchange operators and speculators across the country.

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