Stability in Open Market as Pakistani Rupee Holds Steady Against US Dollar
Closing data provided by the Exchange Companies Association of Pakistan (ECAP) confirmed that the currency concluded the day at these same rates.
Karobar
In Wednesday's trading, the Pakistani rupee maintained its stability against the US dollar in the open market, with a slight improvement noted in the inter-bank market.
According to currency dealers contacted by Business Recorder, the rupee was quoted at 287 for selling and 284 for buying purposes throughout the day. Simultaneously, in the inter-bank market, the rupee experienced a modest increase of Re0.13 against the US dollar, settling at 285.39 by the end of trading.
It's noteworthy that the gap between rates in the inter-bank and open markets is expected to remain below 1.25%, aligning with one of the structural benchmarks set by the International Monetary Fund (IMF).
In a related development on Tuesday, the task force on tax and Federal Board of Revenue (FBR) reforms briefed the IMF technical team on significant tax policy reforms and restructuring proposals for the FBR.
Business Recorder's sources revealed that the IMF technical team held discussions with various groups from the task force, focusing on tax policy and FBR reforms.
Specifically, the task force group addressing FBR's restructuring emphasized that the separation of tax policy from operational functions forms a crucial part of the proposed FBR restructuring.
