Pakistani rupee continues on historic rise

Data from the State Bank of Pakistan (SBP) show that the currency fell by another 0.26%, or Rs0.78, to Rs301/$, bringing the total loss in the value of the currency in the first 12 days of the caretaker administration to nearly 4%, or Rs12.51.

In contrast, the rupee finished in the open market unchanged at a record low of Rs314 per dollar on Thursday.

Around 4.5%, or Rs13, was the currency exchange rate differential between the two markets, which was still much larger than the recommended ceiling of 1.25% for any one of the five consecutive sessions from the International Monetary Fund (IMF).

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