Karachi: The Pakistani rupee continued to strengthen against dollar, rising up by Rs1.99 in inter-bank and closed at 302.95 in the inter-bank market on Friday.
The Pakistani currency in Interbank is selling at Rs.303.13 and being bought at Rs.302.95
According to the Exchange Companies Association of Pakistan (ECAP), the dollar was being traded at Rs302.95 on Friday during the last trading session of the week. The dollar was trading at Rs304.94 at the closing of the inter-bank market the previous day.
Interbank closing #ExchangeRate for todayhttps://t.co/gbkgjFi1m6#SBPExchangeRate pic.twitter.com/MsHUElJGRu
— SBP (@StateBank_Pak) September 8, 2023
Meanwhile, the dollar weakens in the open market by Rs5 to Rs301 from Rs307 on Thursday.
With such developments, the difference between the exchange rates in the interbank and open markets declined to zero compared to Rs30 (almost 7%) a few days ago
This development comes a day after the State Bank of Pakistan (SBP) issued a circular of measures aimed at reforming the currency exchange sector in response to concerns over the weak operational structure and inadequate compliance levels observed within exchange companies.
Moreover, currency exchange companies and franchisees categorized as ‘B’ have been given a three-month ultimatum to either transform into full-fledged exchange firms or face the prospect of losing their licenses.
