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

Currency dealers Business Recorder reached out to said the rupee was quoted at 285 for selling and 282 for buying purposes for customers.

At the end of trading on Wednesday, the currency closed at the same rates, according to data provided by the Exchange Companies Association of Pakistan (ECAP).

In the inter-bank, the rupee gained for the 20th successive session, settling at 284.68 against the greenback.

The ongoing appreciation comes after the State Bank of Pakistan (SBP) ramped up efforts to clip the wings of the high-flying dollar and announced a list of “structural reforms” last month, targeting the Exchange Companies (ECs).

Apart from the central bank measures, the caretaker setup also announced taking administrative steps to tighten the screws around smuggling and hoarding of currency and as a result, countrywide raids were reported with scores of illegal currency exchanges being shut down and foreign currency worth millions confiscated.

However, 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.


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Tulukan Mairandi Oct 04, 2023 02:41pm
Short selling underbelly
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Builder Oct 04, 2023 03:20pm
It's not short selling...there is definitely panic among the hoarders and they should indeed panic. Mid-term fair value of dollar is 250 and then further decline to slightly above 200.
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Aleem Mohyud Din Oct 04, 2023 05:00pm
The actual price should not be above Rs200/-There are mafias supported by Powerful Circle's The day all plunders square their position, Within days come down very sharply below 200/-I have proves of Billions of monthly corruption in FBR and other departments, all institutions still in control of mafias and protecting each other, May Allah Almighty bless Pakistan and 224 Million general public
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Haris Oct 04, 2023 05:17pm
@Builder, please dont say such things. you can't guess how much Tulukan and people like him feeling extreme pain.
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Tulukan Mairandi Oct 04, 2023 09:19pm
If it's not due to currency manipulation, how is this happening? Every indicator is on the decline. Exports, reserves, economic growth, investment growth, corruption perception index, HDI etc. No country with such a continuing slump sees market appreciation, except if there is a shorting underbelly at play. Case in point is 1998 Asian Financial Crisis.
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Nawaz Oct 05, 2023 09:12am
@Builder, look temporary coming down by force , no plan in future to return 75 billion dollar loans in 3 years ,country have no money ... no exports less remitance... corrupts are ruling etc .
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Rehman Oct 05, 2023 10:45am
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Builder Oct 05, 2023 11:45am
What currency manipulation? We don't have enough dollars to pump in open market. The rupee is simply undervalued due to hoarding and smuggling to Afghanistan who now have a strong Afghani due to this very factor. The hoarders will have to pump their stocks out or they simply loose. dollar has to be at its fair value which is no more than 200.
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