The Pakistani rupee improved marginally against the US dollar in the open market on Thursday.

Currency dealers Business Recorder reached out to said the rupee was quoted at 296 for selling and 293 for buying purposes for customers in the open market, up by Re1 as compared to rates on Wednesday.

At the end of trading on Thursday, the rupee was quoted at the same rates, according to data provided by the Exchange Companies Association of Pakistan (ECAP).

Rates in the inter-bank and open markets are now firmly close to each other, reducing the premium that is one of the structural benchmarks of the International Monetary Fund (IMF) programme.

In the inter-bank market, the rupee was hovering at the 292 level against the US dollar.

The rupee has regained momentum in recent weeks, owing to a nationwide crackdown against illegal exchanges and smugglers of currencies by authorities.

Apart from the government’s administrative measures, the State Bank of Pakistan (SBP) also announced structural reforms, directing commercial banks to establish their own ECs as fully-owned subsidiaries.

So far, three banks have announced establishing the ECs.