ISLAMABAD – Pakistani rupee continued its upward trajectory against the US dollar in interbank market on Thursday, with PKR’s rise being attributed to a crackdown launched against hoarders and outflows of the greenback through illegal means.
Data shared by the State Bank of Pakistan shows rupee’s upward trend against greenback, as the local currency increased by 0.37percent in inter-bank market in 21 successive sessions.
Moving up by around Rs1.06 in the inter-bank market, the rupee settled at 283.62.
In the previous session, the rupee settled at 284.68.
The local currency gained momentum as the State Bank introduced structural reforms in the Exchange Companies sector.
As part of these reforms, the central bank engaged in foreign exchange business will establish wholly owned exchange companies to cater to the legitimate foreign exchange needs of general public.
Furthermore, various types of existing exchange companies and their franchisees will be consolidated and transformed into a single category of exchange companies with a well-defined mandate. As per the SBP, the reforms have been introduced to provide better services to the general public and bring transparency and competitiveness in the exchange companies’ sector
Pakistani rupee moves up against dollar in inter-bank, settles at Rs284.68
