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Rupee now stronger in open market than in inter-bank market: ECAP data

  • At the end of trading, Exchange Companies Association of Pakistan quotes rates at Rs297 and Rs300 for buying and selling, respectively
Published September 11, 2023

The Pakistani rupee continued its appreciation run against the US dollar in the open market, strengthening beyond the value in the inter-bank market where it settled at 301.16 on Monday.

At the end of trading, the Exchange Companies Association of Pakistan (ECAP) quoted rates at Rs297 and Rs300 for buying and selling, respectively.

The rates are now lower than the rupee’s closing in the inter-bank market, a rare occurrence for the local currency that has seen a volatile ride in the past few weeks.

Earlier during the day, dealers Business Recorder reached out to said the rupee was being quoted at 301 for selling and 298 for buying purposes for customers in the open market, down from Friday’s levels.

Being under a programme with the International Monetary Fund (IMF), the exchange rate gap between the inter-bank and open markets – called the premium by the IMF in its country report on Pakistan published after the SBA’s approval by the Executive Board – needs to be a maximum of 1.25%.

However, the premium is now in favour of the inter-bank market where the rupee is stronger.

During the previous week, the PKR gained 24.00 rupees for both buying and selling against USD, closing at 301.00 and 304.00, respectively.

The local currency has regained momentum after authorities reportedly cracked down on smuggling of dollars.

The measures kicked off after the Pakistan Army’s top brass expressed its resolve to assist the caretaker government in curbing all illegal activities which hamper economic stability, growth, and investors’ confidence, stated Inter Services Public Relations Pakistan (ISPR) on Thursday.

On Sunday, Caretaker Federal Minister for Interior Sarfaraz Ahmed Bugti announced to launch a massive crackdown on hoarders, saying there will be zero tolerance for smuggling and hoarding.

Bugti said all the state institutions and provincial authorities are committed to go to any extent to eradicate the menaces of smuggling and hoarding.

He said that an operation against smuggling of wheat, sugar, urea, dollars, and other commodities has been continuing and the government has recovered sugar and urea in a huge quantity in various parts of the country.

“The momentum is expected to extend in the coming days as well,” said market experts.

The expert said the market is also keeping an eye on the upcoming Monetary Policy Committee (MPC) on September 14 (Thursday).


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Johnny Walker Sep 11, 2023 01:21pm
Good. The operation needs to be sustained, unrelenting and merciless. All smugglers, hoarders, cheaters, tax avoiders, criminals etc., need to be eliminated, Chinese style.
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KhanRA Sep 11, 2023 04:15pm
@Johnny Walker, China is a deeply corrupt country - even they admit it. But when you’re authoritarian, it’s easy to hide the truth of corruption. This is why Army rule looked so clean in Pakistan, and why BJP India can project a false picture of their country.
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Fazeel Siddiqui (Overseas Pakistani) Sep 11, 2023 04:38pm
@KhanRA, Agreed All mention crackdowns are not new to us, a never ending job plus a publicity to Army.
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Shahbaz Ali Sep 11, 2023 06:10pm
@Fazeel Siddiqui (Overseas Pakistani), So when someone does good it is publicity. When does bad or nothing it is incompetence?
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faisal Sep 11, 2023 06:23pm
I have a feeling that people are still not selling their dollars and they know its temporary reduction in value only to bounce back.
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Ali Sep 11, 2023 09:22pm
@faisal, you said truth. I agree with you.
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Dr fahad Sep 11, 2023 10:41pm
@Shahbaz Ali, nailed it
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Kashif ALI Sep 11, 2023 10:48pm
A little "Verbal Thrashing" made Open market crash like Nine pins of ball game. A little more would make FX dealers offer $ free for all. It is evident that there are no rules and ethics not only in FX business but almost everywhere. The crackdown on Smugglers, Thieves and Defaulters. I mean that everybody knows what the disease and its remedy too, but no Pakistani wishes to implement the right remedy to the problem. So, what to complain for all the mess, hardships, poverty and cost of living??? Except a bare minimum 5% honest citizens, every person, whether illiterate or educated, professional or non-professional, everyone is gnawing at Pakistan like dirty pigs and rodents. By the way, today is 11th September too. The 75th Death anniversary to the only Purest and Truest Pakistani - JINNAH. May Allah bless him a place in highest echelons of Paradise as he did a great service to Pakistan but we undid him.
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Ahmed Khan Sep 12, 2023 05:06am
Easiest way to find if this is the real value is to call around and ask currency exchange if they will sell you $3000. If they do that means that is the real value. If they dont have any to sell and are only willing to buy that means that this is artificial value just for news media.
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M. Ahmed Sep 12, 2023 08:31am
This is temporary, rupee will continue loosing its value as GoP continues printing more notes, economy is down, remittance is down, exports are down, tourism went down long time back when foreigners stopped visiting Pakistan.
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Me Sep 12, 2023 06:00pm
I love the fact that we are happy over the US$ being brought down. This was a open grey market, the hoarders of USD should not matter if the people have faith in their own currency. If a group starts hoarding mud it should not bother anyone, right? So why should grey market USD hoarding matter. The problem lies that people have no faith in the value of rupee, which keeps losing value due to excessive printing to settle govt's borrowings, inflation and ever increasing foreign debt We cant be export competitive due to no availability of infrastructure and now diminishing subsidies under the IMF bailout. Consistent policy formulation will not require any short term goals - something that evades our country's govt
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Muhammad Zubair Azam Sep 13, 2023 10:48am
Just Temporary Reaction of statement by COAS. It will not affect longer because no any strong POLICY had been made till yet to face economic challenges and to support civilian and businesses community. Better to stay away from Pak because their is no law and order also no any public government. Just greed dictatorship
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