After weakening a day ago, the Pakistan rupee registered some improvement against the US dollar in the open market on Thursday.
Currency dealers Business Recorder reached out to said the rupee was being quoted at 298 for selling and 295 for buying purposes for customers in the open market, stronger from Wednesday’s levels.
At close of trading on Thursday, the rupee closed at the same levels, according to data provided by the Exchange Companies Association of Pakistan (ECAP).
The rates are still more or less equal to the rupee’s value in the inter-bank market, a rare occurrence for the local currency that has seen a volatile ride in the past few weeks.
In the inter-bank market, the rupee settled near the 298 level against the US dollar.
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%.
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