Open-market: rupee inches up marginally against US dollar
The Pakistani rupee improved marginally against the US dollar during the opening hours of trading in the open market on Friday. Currency dealers Business Recorder reached out to said the rupee was quoted at 295 for selling and 292 for buying purposes for customers in the open market, up by Re1 as compared to rates on Thursday. At the end of trading on Thursday, the rupee was quoted at 296 for selling and 293 for buying purposes, according to data provided by the Exchange Companies Association of Pakistan (ECAP). Rates in the inter-bank and open markets are now firmly close to each other, reducing the premium that is one of the structural benchmarks of the International Monetary Fund (IMF) programme. In the inter-bank market, the rupee was hovering at the 291 level against the US dollar. The rupee has been on a merry run in recent weeks, which comes on the back of a countrywide crackdown against illegal exchanges and smugglers of currencies by law enforcement agencies. Apart from the government’s administrative measures, the State Bank of Pakistan (SBP) also announced structural reforms, directing commercial banks to establish their own ECs as fully-owned subsidiaries. So far, four banks have announced establishing the ECs.
Karobar
The Pakistani rupee improved marginally against the US dollar during the opening hours of trading in the open market on Friday.
Currency dealers Business Recorder reached out to said the rupee was quoted at 295 for selling and 292 for buying purposes for customers in the open market, up by Re1 as compared to rates on Thursday.
At the end of trading on Thursday, the rupee was quoted at 296 for selling and 293 for buying purposes, according to data provided by the Exchange Companies Association of Pakistan (ECAP).
Rates in the inter-bank and open markets are now firmly close to each other, reducing the premium that is one of the structural benchmarks of the International Monetary Fund (IMF) programme.
In the inter-bank market, the rupee was hovering at the 291 level against the US dollar.
The rupee has been on a merry run in recent weeks, which comes on the back of a countrywide crackdown against illegal exchanges and smugglers of currencies by law enforcement agencies.
Apart from the government’s administrative measures, the State Bank of Pakistan (SBP) also announced structural reforms, directing commercial banks to establish their own ECs as fully-owned subsidiaries.
So far, four banks have announced establishing the ECs.
