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The Pakistani rupee maintained its momentum against the US dollar in the open-market on Friday, gaining beyond its value in the inter-bank market as well.

Currency dealers Business Recorder reached out to said the rupee was quoted at 282 for selling and 279 for buying purposes for customers.

At the end of trading on Friday, the currency closed at 281.5 for selling and 278.5 for buying, according to data provided by the Exchange Companies Association of Pakistan (ECAP).

In the inter-bank, the rupee closed at 282.69 against the greenback.

Currency dealers said the improvement of dollar supply in the inter-bank market is being reflected in the open market.

This is also one of the rare times when the open-market rates are being quoted below the prevailing inter-bank rates.

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.

Comments

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Usman Oct 06, 2023 01:31pm
With afghnas going back and smuggking being stopped.we see it touching 232 to a dollar.
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faisal Oct 06, 2023 03:30pm
Exports will be affected by strong ruppee. It's export season, cotton and rice is ready, which is our main exports.
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Tulukan Mairandi Oct 06, 2023 03:52pm
400 soon
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Syed Oct 06, 2023 06:21pm
@Tulukan Mairandi, Do you get paid for anti-pakistan comments?
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Haris Oct 06, 2023 08:42pm
@Syed, no dear he is voluntary like many in PTI.
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Haris Oct 06, 2023 08:43pm
@Tulukan Mairandi, love your pain. ):):):) no no say 1000 soon :):)
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Haris Oct 06, 2023 08:46pm
@faisal, such people always find insects :) in every positive news. have heard this logic since student life. one factor dont act similarly in every economy dear. by decreasing the rupee rate only to earn more from export always unwise thing especially in Pakistan. just consider how much increased dollar rate would effect our raw material prices rather its already effecting . so its back to square.
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