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Tuesday, November 5, 2024

Home Pakistan Pakistani rupee makes single day recovery of 2.04 against US dollar in open market

Pakistani rupee makes single day recovery of 2.04 against US dollar in open market

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KARACHI – Pakistani currency continues recovery in both interbank and open bank markets as authorities launched a massive crackdown on the currency hoarders and smugglers.

On Thursday, the local currency strengthened further against the greenback to settle at 304.94 in the inter-bank market.

Data shared by the central bank shows that PKR moves up Rs2.04 or 0.67pc.

Interbank closing #ExchangeRate for todayhttps://t.co/3lmMOguoYQ #SBPExchangeRate pic.twitter.com/bgjK6DDbGu

— SBP (@StateBank_Pak) September 7, 2023

Earlier this week, the Pakistani rupee made comeback against high flying dollar while State Bank of Pakistan decided to introduce structural reforms in the Exchange Companies’ (ECs) sector.

USD also lost ground in interbank days after Chief of Army Staff (COAS) Gen Asim Munir resolved that money exchanges would be brought under the tax net.

COAS assured the businessmen that transparency in dollar exchange and interbank rates would be ensured.