KARACHI: The Pakistani rupee on Tuesday snapped its 28-session winning streak against the US dollar, depreciating 0.07% in the interbank.
As per the State Bank of Pakistan (SBP), the rupee settled at 277.03 after a decrease of Re0.20 in the inter-bank market.
On Monday, the rupee had appreciated 0.29% to settle at 276.83.
The local currency has endured one of the longest appreciation runs since reaching a record low of 307.1 on the interbank market on September 5.
The unusual rise was largely the result of curbs on the Exchange Companies (ECs) industry and a crackdown on illegal activity.
The central bank has tightened its enforcement of exchange company regulations. Nine exchange organizations’ authorizations have had their privileges canceled in the past month due to major infractions.
