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The Pakistani rupee maintained its winning momentum against the US dollar in the open market on Wednesday, a gain that comes in tandem with the local currency’s improvement in the inter-bank.

Currency dealers Business Recorder reached out to said the rupee was quoted at 279 for selling and 276 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). The rate is once again below the one in the inter-bank market.

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).

Amid these measures, seven banks to date have announced that they will establish an Exchange Company (EC) as a wholly-owned subsidiary.

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 dozens of illegal currency exchanges barred from running operations and foreign currency worth millions confiscated.

The SBP also suspended the authorisation of four exchange companies in the month of September alone.

Comments

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Robin Mitha Oct 11, 2023 01:23pm
Good job, exchange companies must be made to follow the law and the Govt should intensify its drive against smuggling an power theft .
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MUHAMMAD Aquib Oct 11, 2023 06:17pm
Why such action not taken by PDM government!!
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Dr fahad Oct 11, 2023 08:02pm
@MUHAMMAD Aquib, problem is Pakistani voter bank .they need everything subsidized and free . Politician cannot take any decision because of that .
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muhammad khalid Oct 11, 2023 08:21pm
i have proved my infromistions
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