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The Pakistani rupee maintained its upward trend against the US dollar in the open-market as well on Monday as the gap with the inter-bank market continued to stay narrow and within the prescribed limit set by the International Monetary Fund (IMF).

Currency dealers Business Recorder reached out to say the rupee was quoted at 287 for selling and 284 for buying purposes for customers.

At the end of trading on Monday, the currency closed at 286.5 and 283.5, according to data provided by the Exchange Companies Association of Pakistan (ECAP).

The increase, criticised by some as unsustainable since it comes on the back of administrative measures, is also seen as a positive as it curbs ‘speculation’ in the currency market. It also means the gap between the inter-bank and open markets has narrowed to negligible levels, meeting the structural benchmark set by the IMF.

The development comes at an apt time for Pakistan which is set to enter the next review of its Stand-By Arrangement with the IMF.

Meanwhile, the government continued to tighten its noose against currency smugglers and hoarders.

The Federal Investigation Agency (FIA) has made 239 arrests in the last 6 weeks. As per details shared by state-run broadcaster PTV, the FIA arrested 101 people from KP zone, 15 from Lahore zone, 24 from Gujranwala, 21 from Faisalabad, and 19 from Multan.

The agency recovered Rs660 million from them, including Rs450 million in local currency, US$278,714, and other currencies worth Rs120 million.

Several plazas and shops were sealed during the raids, the state broadcaster said.


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Tulukan Mairandi Oct 02, 2023 04:07pm
Shorting going on. Once the mafia's belly is full, they will sell and it will hit 400/$
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Shahbaz Ali Oct 02, 2023 04:24pm
Only sick minds find fault in good news.
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Saeed Iqbal Oct 02, 2023 05:11pm
@Shahbaz Ali, 100 % agreed this guy is jobless you would find him under every single article
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M ali Shah Oct 02, 2023 06:00pm
شہباز آپ صحیح کہ رہے ہیں اس بندے کے ساتھ کوٸ نہ کوٸ مسلہ ہے جو اسکو اچھی بات ہضم نہیں ہوتی۔
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M ali Shah Oct 02, 2023 06:02pm
تلوکاں میراندی آپ کو ہمارے ملک کے ساتھ کیا دشمنی ہے۔
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Muhammad Waqas Oct 02, 2023 11:52pm
why is electricity prices going up, if dollar is coming down and fuel as well?
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Muhammad Hamid Oct 03, 2023 07:36pm
@Muhammad Waqas, bro it's IMF policy because IMF set the budget of Pakistan and also set the price of electricity and sui gas. This satisfy IMF, that Pakistan will return IMF money with interest.
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Shahbaz Ali Oct 04, 2023 02:25am
It's really astonishing that rupee is strengthening day by day but inflation is increasing. It may be an artificial control on dollor because the price of no goods coming back even dollor depreciated more than 20 rupees...
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Shahbaz Ali Oct 04, 2023 02:29am
@Muhammad Hamid, IMF doesn't sign the order for price hikes of petrol and electricity. They have already suggested to subsidize electricity for poor people but our policy makers (Beaurecracy) have no solution to this problem.
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Zahid Ali khan Oct 04, 2023 11:55am
@Tulukan Mairandi, you r right
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Zahid Ali khan Oct 04, 2023 11:56am
How long use of stick can be effective.
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Javed Oct 04, 2023 08:07pm
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