PKR extends decline, loses Rs1.47 in interbank, Rs3 in open market.

The Pakistani rupee (PKR) extended its decline against the US dollar, losing Rs1.47 in interbank and Rs3 in open market in early morning trading on Wednesday.

At around 10:45 a.m, the local currency was quoted at a range of PKR 278.5 to 280 in interbank, with actual trades being executed at PKR278.50 per US dollar.

The remarkable 28-day winning streak of the Pakistani currency came to an end on Tuesday when it experienced 0.07% devaluation against the US dollar after settling at PKR277.03, as per data shared by the State Bank of Pakistan (SBP).

Furthermore, in the open market, the PKR was trading at 277/279 per USD in the opening session, reflecting a depreciation of 3 rupees compared to the previous session.

According to a report by Profit, the rupee had fallen to a record low of PKR 307.09 per dollar on September 5. But following a crackdown by agencies on illegal foreign exchange trading and structural reforms introduced by the central...