In a remarkable streak, the Pakistani rupee continued its ascent against the US dollar for the seventh consecutive session in the interbank market, signalling a positive outlook for the exchange rate. Zafar Paracha, General Secretary of the Exchange Companies Association of Pakistan (ECAP), sees promise in the current state of affairs. Importers, navigating the challenges of a fluctuating market, find additional support through the injection of $300 million from exchange companies. This supplementary financial support helps the State Bank of Pakistan (SBP) in meeting its current account targets. The persistent appreciation of the Pakistani rupee against the US dollar, coupled with the collaborative efforts of financial institutions, paints a picture of stability and resilience.

Source: The Nation December 22, 2023 18:20 UTC