The Pakistani rupee (PKR) continued to gain ground against the US dollar in the interbank market on Wednesday, extending its gains for the 20th consecutive session.
According to the Forex Association of Pakistan, the rupee gained Rs1.04 against the US dollar, trading Rs284.68 from yesterday’s close of Rs285.72.
In the open market, the dollar depreciated by 50 paise, standing at Rs285.50 in the morning trade, according to the Exchange Companies Association of Pakistan.
During last week, the Pakistani rupee (PKR) gained 4.02 against the US dollar (USD) following the crackdown.
Other foreign currencies also lost their value in the open currency market. In a week Euro dropped by 9 rupees from 315 and sold at 306 Pakistani rupees.
British Pound Sterling lost 18 rupees and reached to 353 from 371 rupees.
It is pertinent to mention here that the rupee gained after the Pakistani government intensified efforts by running after people involved in the illegal dollar trade that helped the currency.