Karachi: Pakistani rupee maintained its momentum against US dollar on Wednesday as the greenback fell at 279.5 in the inter-bank after an increase of Rs1 and traded at Rs279 in the open market.
According to the State Bank of Pakistan (SBP), the rupee appreciated by 0.36% to be settled at 279.51 after an increase of Rs1 in the inter-bank market. It closed at Rs280.51 yesterday.
Meanwhile, according to Forex Exchange Pakistan, dollar depreciated by Rs1 to be traded at 279 for selling and 276 for buying in open market, falling below Rs280 for the first time since July. It closed at 280.51 in open market yesterday.
This is one of the longest appreciation seen by the rupee against the US dollar in the inter-bank market and open market, mainly due to the authorities’ crackdown on smuggling and hoarding of foreign currency as well as reforms in the Exchange Companies’ sector.
On the other hand, currency dealers have deposited an estimated $800 to $900 million in the banks since the crackdown started in September showing highly appreciable results, according to the Exchange Companies Association of Pakistan (ECAP).