KARACHI – Pakistani rupee continued an impressive recovery streak against the US dollar, as PKR further inches up in the inter-bank market on Friday.
In his 22nd successive session in inter-bank, the Pakistani rupee settled at 282.6, with an improvement Rs0.93, which equates to around 0.37 percent of the currency value.
The rupee hovered around Rs 282.65 in the open market in a back-to-back positive session.
Pakistani 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 the 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
