KARACHI – US dollar continues to move down against Pakistani rupee and appears to be gaining ground it lost following the economic crisis and huge smuggling.
The local currency continued its positive momentum for the 27th successive session and on Friday, PKR was quoted at 277 for selling and 274 for buying purposes for customers in the open market.
Data shared by Exchange Companies suggest that the currency closed at 278 for selling and 275 for buying on the last working day of the week.
In the interbank, the positive trajectory advanced and the rupee was hovering at the 277 level against the greenback in the market.
The gap is ideal as the International Monetary Fund (IMF) said the gap between rates in inter-bank and open markets is required to be less than 1.25pc.
The central bank takes efforts to clip the wings of the greenback and announced a list of structural reforms last month, targeting the Exchange Companies (ECs).
Currency exchange rates in Pakistan today – October 13, 2023
