The Pakistani rupee registered improvement against the US dollar in the open market on Thursday, as the local currency also strengthened in the inter-bank market.
During the day, 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, the currency closed at 280 for selling and 277 for buying, according to data provided by the Exchange Companies Association of Pakistan (ECAP).
Meanwhile, in the inter-bank market, the rupee appreciated 0.53% to close at 278.81, after an increase of Rs1.48.
The rupee saw one of the longest appreciation runs against the US dollar, which came after the State Bank of Pakistan (SBP) announced a list of “structural reforms” last month, targeting the Exchange Companies (ECs).
To date, the central bank suspended the authorisation of nine exchange companies for noncompliance of rules and regulations and serious violations. Meanwhile, a number of commercial banks have announced to establish wholly-owned ECs.
Apart from central bank measures, the caretaker setup also ramped up efforts against smugglers and hoarders 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.
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