The Pakistani rupee continued its upward trajectory against the US dollar in the open-market on Thursday 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 284 for selling and 281 for buying purposes for customers.

At the end of trading on Thursday, 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 closed at 283.622 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.

The development comes at an apt time for Pakistan which is set to enter the next review of its Stand-By Arrangement (SBA) with the International Monetary Fund (IMF) in November.

“Given the challenging external account situation, we believe it is imperative for Pakistan to maintain its engagement with the IMF in the long term,” said Arif Habib Limited (AHL), a brokerage house, in a report.

“We anticipate that Pakistan will complete the current SBA program and subsequently enter another program post the General Elections in the 1Q/2Q24,” it added.

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Ali Asghar Oct 05, 2023 12:42pm
In my opinion, This caretaker government has performed much better than Shehbaz/Ishaq Dar. I Don't have any problem with any particular party winning the hot seat Elections, but these little steps should have been taken years ago, more specifically the crackdown on smuggling of Dollars and Deporting Afghanis, I Hope these steps will get an intense follow-ups so that it will be fulfilled and ensure these steps will remain intact forever. Afghanistan has been the ultimate reason of our deteriorating economy mainly due to illegal crossing of border and no check there.
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Usman Oct 05, 2023 01:32pm
Can we have the caretaker govt for 2.5 years and than go for elections.They are doing better than pmln pti and ppp
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Fazeel Siddiqui (Overseas Pakistani) Oct 05, 2023 03:21pm
Caretakers are performing because those who destabilized PPP, PML-N & PTI 9 govts on every minute basis are backing this regime to gain a heroic performing image. Those who following lines of establishment and wish Caretakers to continue for years are suggested to analyze 3 decades long stable govts of dictators all in all with mighty powers. They produced more debris than the following debris cleaning democratic govts.
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Mustafa Oct 05, 2023 04:49pm
Performance of this government is much better than PTI, PPP and PML ...It's backed by establishment and it's good when all are on same page ... those remembering marshal law should read the growth achieved by pervez musharaf (data is available online everywhere) ..
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Mustafa Oct 05, 2023 04:49pm
Performance of this government is much better than PTI, PPP and PML ...It's backed by establishment and it's good when all are on same page ... those remembering marshal law should read the growth achieved by pervez musharaf (data is available online everywhere) ..
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Pervaiz khan Oct 06, 2023 01:39pm
Let’s face the true facts, during PTI country was progressing faster than ever. Corrupt gang of ex rulers were exposed due to robbing n looting by PPP, N league n uneducated leaders of Pakistan and tarnished its name as beggars by all countries. How embarrassing . Imran Khan well educated had personality n knew which greedy corrupt r being led by Pakistan enemies. He showed authority, personally when making speeches not like these beggars ( plz sir n yes sir) trembling while making in front of enemy countries became laughing stock. Now Allah save Pakistan from these corrupt regimes.
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