The US dollar continued its downward spiral against the Pakistani rupee for the 16th consecutive session on Tuesday, sliding below the Rs290 mark for the first time in around six weeks.
The greenback lost Rs1.06 against the rupee in the interbank market today. The local unit closed at Rs289.80 after appreciating 0.37% from yesterday’s close of Rs290.86, according to the State Bank of Pakistan (SBP).
Following a massive crackdown against the illegal currency trade the US dollar shed its value by around Rs17.46 from its highest level against the rupee.
Some experts are of the view that the recent appreciation of the rupee was majorly driven by the government’s crackdown against the illegal currency trade.
The analyst did not see any fundamental reason behind the flight of the local unit against the greenback and feared that it might not sustain for very long.
Last week, Sindh Governor Kamran Khan Tessori claimed that the market will see a further decline in the dollar rate, adding that the greenback will fall to Rs250-255 against the local unit in the coming days.
During the last week, the local unit appreciated another 1.74% and settled at 291.76 against the greenback. Experts see administrative and enforcement measures behind the recent significant recovery of the rupee’s value against the US dollar.
