KARACHI: The exchange rate of the US dollar in Pakistan’s open market experienced a decrease of Re 1, with the rate dropping to Rs 280.50 from Rs 281.50 on Monday (October 9).

Simultaneously, in the interbank market, the US dollar became more affordable by Rs 1.04, settling at Rs 281.65.

The Pakistani rupee’s remarkable appreciation against the US dollar continued on Monday, with a 0.37% increase in the interbank market. This ongoing trend represents the 23rd consecutive rise of the rupee against the US dollar, making it one of the lengthiest periods of appreciation in history.

According to the State Bank of Pakistan (SBP), the rupee closed at 281.65 after experiencing a Rs 1.04 increase in the interbank market.

Interbank closing #ExchangeRate for today https://t.co/Y4N14UBQb9#SBPExchangeRate pic.twitter.com/P70gl8fn6k

— SBP (@StateBank_Pak) October 9, 2023

Internationally, the US dollar, considered a safe haven, gained strength on Monday due to market concerns related to violence in the Middle East. Additionally, a robust US jobs report contributed to the US dollar’s positive performance.