KARACHI – Pakistani rupee and the US dollar are going head to head as authorities continued stern measures against hoarding and other violations while demand for the greenback is also rising.
On Friday, the local currency edged lower against the USD in the open market , PKR however remained stable in the inter-bank market.
During the intra-day trading, rupee witnessed marginal gains but at the end of trading, the currency closed at 280.50 for selling and 277.50 for buying.
A day earlier, Pakistani rupee closed at 280 for selling and 277 for buying.
As of now, the gap between rates in the inter-bank and open markets shrank as demaned by International Monetary Fund (IMF).
Pakistani rupee witnessed longest maerry run against the US dollar, which came after State Bank of Pakistan (SBP) announced list of structural reforms and continued massive crackdown against hoarders.
Around nine exchange companies have so far faced action over non-compliance of rules and regulations and other violations.
