Rupee Gains Further Ground Against US Dollar

The Pakistani Rupee (PKR) gained further ground against the US Dollar (USD) in the interbank market on Thursday.

The local currency gained Rs. 1.1 against the greenback at the close of today’s session. The PKR appreciated by 0.38 percent against the USD and closed at Rs. 292.78 today. The PKR had gained Rs. 1.02 against the greenback at the close of yesterday’s session, closing at Rs. 293.88. The PKR has gained 4.9 percent or Rs. 14.3 against the USD in the last twelve consecutive trading sessions.

The PKR also improved slightly against the USD in the open market today. According to Exchange Companies Association of Pakistan (ECAP) data, the PKR was quoted at 296 for selling and 293 for buying in the open market.

It is pertinent to mention here that the gap between interbank and open market rates has shrunk by around Rs. 45 in September. Last Monday, the open market rate for the USD was around Rs. 337.

Apart from action against smugglers and hoarders, the State Bank of Pakistan (SBP) recently also introduced structural reforms in the Exchange Companies’ sector. As part of these reforms, leading banks actively engaged in foreign exchange business will establish wholly owned Exchange Companies to cater to the legitimate foreign exchange needs of the general public.

On Thursday, the SBP governor said that besides revoking licenses of exchange companies involved in illicit activities, the central will not allow small exchange companies to operate. The governor said the central bank has initiated a series of measures to regulate the currency market.

The PKR also appreciated against all other major currencies in the interbank market today. It gained Rs. 2.307 against the Euro (EUR), Rs. 3.16 against the British Pound (GBP), and Rs. 2.35 against the Australian Dollar (AUD).

The PKR also appreciated by Rs. 1.59 against the Canadian Dollar (CAD), Rs. 0.3 against the UAE Dirham (AED), and Rs. 0.28 the Saudi Riyal (SAR).

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