The Pakistani rupee has been steadily strengthening against the dollar. The value of the Pakistani rupee increased in the inter-bank market on Thursday as well. Rupee Steadily Strengthening Against The American Dollar USD.
The local currency surged by Rs. 1.1 against the greenback today. The PKR’s impressive 0.38 percent gain against the USD resulted in a closing rate of Rs. 292.78. Just yesterday, the PKR achieved a Rs. 1.02 gain, closing at Rs. 293.88. Over the last twelve trading sessions, the PKR has triumphed, gaining 4.9 percent or Rs. 14.3 against the USD.
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Today Rupee Steadily Strengthening Against The Dollar
The PKR exhibited marginal improvement against the USD in today’s open market. As per data from the Exchange Companies Association of Pakistan (ECAP), the PKR was quoted at 296 for selling and 293 for buying in the open market.
It’s worth noting that the gap between interbank and open market rates has considerably narrowed by approximately Rs. 45 throughout September. Just last Monday, the open market rate for the USD hovered around Rs. 337.
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In addition to cracking down on smugglers and hoarders, the State Bank of Pakistan (SBP) has recently implemented significant structural reforms in the Exchange Companies sector. These reforms entail leading banks actively engaged in foreign exchange business establishing wholly owned Exchange Companies to meet the legitimate foreign exchange requirements of the general public.
On a recent Thursday, the SBP governor underscored that, in addition to revoking licenses of exchange companies involved in illicit activities, the central bank will not permit small exchange companies to operate. The governor highlighted a series of measures initiated by the central bank to regulate the currency market.