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The Pakistani rupee strengthened further against the US dollar to settle at 304.94 in the inter-bank market on Thursday.

At close, the rupee was up Rs2.04 or 0.67%, as per the State Bank of Pakistan (SBP).

On Wednesday, the rupee witnessed a slight recovery against the US dollar to settle at 306.98, an appreciation of 0.04%, in the inter-bank market.

In a key development, the State Bank of Pakistan (SBP), in a bid to strengthen controls amid the massive fall in rupee’s value in the open market, decided to introduce structural reforms in the Exchange Companies’ (ECs) sector on Wednesday.

“As part of these reforms, leading banks actively engaged in foreign exchange business will establish wholly-owned Exchange Companies (EC) to cater to the legitimate foreign exchange needs of general public,” said the SBP in a statement.

Globally, a buoyant US dollar pushed the yen to a 10-month trough on Thursday and kept the euro and sterling pinned near three-month lows, as investors placed their faith in a still-resilient US economy even amid a dour global growth outlook.

The greenback scaled a fresh top of 147.865 yen in early Asia trade, its highest since last November.

Against a basket of currencies, the dollar was last 0.05% higher at 104.91, holding on to some of its gains from the previous session after scaling a six-month peak on news that the US services sector unexpectedly gained steam in August.

Oil prices, a key indicator of currency parity, eased on Thursday as worries over demand due to a seasonal slowdown during winter and an uncertain economic outlook for China outweighed expectations of tighter supplies from extended production cuts in Saudi Arabia and Russia.

Inter-bank market rates for dollar on Thursday

BID                            Rs 304.90

OFFER                      Rs 305.10

Open-market movement

In the open market, the PKR gained 5.00 rupees for both buying and selling against USD, closing at 304.00 and 307.00, respectively.

Against Euro, the PKR gained 8.50 rupees for buying and 8.00 rupees for selling, closing at 323.50 and 327.00, respectively.

Against UAE Dirham, the PKR gained 50 paisa for both buying and selling, closing at 85.50 and 86.30, respectively.

Against Saudi Riyal, the PKR gained 3.00 rupees for both buying and selling, closing at 79.50 and 80.30, respectively.

Open-market rates for dollar on Thursday

BID                            Rs 304.00

OFFER                      Rs 307.00


200 characters
Fazeel Siddiqui (Overseas Pakistani) Sep 07, 2023 03:50pm
Dollar being treated with danda! Continued same mentality of failed 76 years economics of Pakistan.
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Builder Sep 07, 2023 04:15pm
@Fazeel Siddiqui (Overseas Pakistani), you live outside Pakistan, so how do you know the ground realities? The dollar is being shorted, speculated, hoarded and smuggled. You guys sending forex from abroad obviously benefit from weakening PKR, so you oppose strengthening of PKR!
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Saleem Sep 07, 2023 04:42pm
@Builder, make sense
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Pacman Sep 07, 2023 05:17pm
Wow! Dollarized generals trying to tame dollar!
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AmirSh. Sep 07, 2023 06:07pm
Being a staunch supporter of strong PKR. In my opinion, this DDC-Danda Dollar Control is only a temporary measure to please IMF and meet one of the SBA's conditions. Other than that, there is no change in economic indicators-they still remain the same or are negative. More need to be done on economic and political fronts. Big time for our leadership to learn lessons from the past and move forward to right economic direction.
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test Sep 07, 2023 06:24pm
I don't give a damn shit to dollars because after all there is no check and balance to check for currency manipulation, hoarding, smuggling so why bother. I mean the foreign assembling plants operating in Pakistan import everything from abroad and then earn profits in rupees and then remit out those rupees as dollars which already make the currency situation poor. IPPs, Oil Buying, Gas Buying all of these shit instead of creating mega renewable projects which will save cost and are also environment friendly but as we all know that politicians, generals, billionaires, judges, policy makers and media houses they will never allow this country to move an inch ahead. The problem with the mindset of a common man is that they think that the elite class is working for the best of their people and country but here is the truth the reality is totally different. You innocent, ignorant, uneducated people will never know the game at the upper hand of the state.They always begged like 75 past years.
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imrsz Sep 08, 2023 12:29am
Pakistan should be handed back to the UK...they can better run it.
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