The Pakistani rupee (PKR) sustained its upward trajectory on Tuesday, appreciating by 1.0448 rupees against the US dollar in the interbank to settle at PKR 294.9 per US Dollar, compared to the previous session’s closing of PKR 295.95.
In the open market, the local gained 50 paisa against US Dollar as the Exchange Companies quoted the dollar at 295 for buying and 298 for selling.
The ongoing crackdown against speculators, hoarders, and smugglers to restrict illegal dollar outflows is effectively strengthening the PKR against the USD.
Moreover, the State Bank of Pakistan (SBP) has also introduced certain reforms to consolidate and transform various types of exchange companies into a single category with a well-defined mandate and higher capital requirements.
These reforms also apply to the banks actively engaged in foreign exchange business, requiring them to establish wholly owned ECs to cater to the legitimate foreign exchange needs of the general public.
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