Pakistani Rupee rises further against US dollar in interbank market
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In the currency market on Tuesday morning, the Pakistani rupee (PKR) carried on its impressive performance against the US dollar (USD), as reported by ARY News. According to foreign exchange dealers, the USD experienced a notable decline of 1.08 PKR and was trading at Rs289.78 in the interbank market. Concurrently, banks were offering US dollars to importers at a slightly higher rate of Rs290.20, according to currency dealers.
In the open market, the greenback exhibited a decrease of 0.50 rupees and was trading at 292.50 Pakistani rupees, as confirmed by foreign exchange dealers. This steady strengthening of the Pakistani rupee against the US dollar in the open market was attributed to the narrowing gap with the interbank market, which remained within the limits prescribed by the International Monetary Fund (IMF).
The month of September witnessed a continuous upward trajectory for the Pakistani rupee, driven in part by a nationwide crackdown on illegal exchanges and currency smuggling by law enforcement agencies. Furthermore, the State Bank of Pakistan introduced structural reforms, mandating commercial banks to establish their exchange companies as fully owned subsidiaries, marking a significant development in the currency exchange landscape.
In conclusion, the Pakistani rupee's resilient performance against the US dollar in both the interbank and open markets underscores the country's efforts to stabilize its currency and combat illegal financial activities. These developments signal a positive trend in the nation's currency exchange environment, with potential benefits for the economy and financial sector.
