Pakistani Rupee posts marginal recovery against US Dollar

In Islamabad, the Pakistani rupee experienced a slight improvement against the US dollar, showing a 0.01 percent appreciation in the early trading hours on a Thursday. By midday, it was trading at 279.85, marking an increase of Re0.03 within the inter-bank market.

Just the previous day, the rupee had undergone a 0.16 percent depreciation, settling at 279.88 against the US dollar.

Furthermore, in a closely related development, the State Bank of Pakistan (SBP) took action by imposing penalties totaling Rs83.2 million on four banks for their non-compliance with legal or regulatory requirements.

These penalties were imposed during the quarter ending on September 30, 2023.