The Pakistani rupee (PKR) continued its upward trajectory, with the currency gaining more than 2.5 rupees against the US dollar in intraday trading, surpassing the previous closing rate of PKR 302.95 per USD.
PKR was quoted at PKR 300.75/300.9. In the open market, the PKR is currently being traded at 301/305 per USD.
It’s important to note that this appreciation primarily occurred in the interbank market, while rates in the open market remained unchanged compared to the previous close. Just last week, the PKR exhibited impressive strength, gaining 2.5 rupees in the interbank and 23 rupees in the open market against the US dollar.
This Comeback of Rupee vis-a-vis Dollar is primarily led by reforms introduced by the State Bank of Pakistan (SBP), which aim to consolidate and transform various types of exchange companies into a single category with a well-defined mandate and higher capital requirements. Additionally, these reforms encourage leading banks to establish wholly owned exchange companies to better serve the legitimate foreign exchange needs of the general public.
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