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On Thursday, the Pakistani Rupee (PKR) strengthened more against the US Dollar (USD) in the interbank market.
At the end of today’s trading, the local currency was up 1.1 versus the US dollar. The PKR gained 0.38 percent against the USD today, ending the day at Rs. 292.78. At the end of yesterday’s trading session, the PKR had increased by Rs. 1.02 to close at Rs. 293.88. In the previous twelve trading sessions, the PKR has risen against the USD by 4.9 percent, or Rs. 14.3.
Today’s open market saw a small increase in the PKR’s value relative to the USD. In the open market, the PKR was quoted at 296 for selling and 293 for buying, according to statistics from the Exchange Companies Association of Pakistan (ECAP).
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It is important to note that in September, the difference between interbank and open market rates decreased by almost Rs. 45. On Monday, the USD open market rate was roughly Rs. 337.
The State Bank of Pakistan (SBP) recently instituted structural changes in the sector of Exchange Companies in addition to taking action against smugglers and hoarders. In order to meet the legal foreign exchange demands of the general public, leading banks that are already involved in the Foreign Exchange Market will establish wholly owned Exchange Companies.
The SBP governor stated on Thursday that the bank will not permit tiny exchange companies to operate in addition to withdrawing the licenses of exchange companies engaged in illegal operations. The governor announced that the central bank has started a number of initiatives to control the foreign exchange market.
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Additionally, the PKR gained value on the interbank market today relative to all other significant currencies. It increased by Rs. 2.307, Rs. 3.16, and Rs. 2.35 in relation to the Euro (EUR), British Pound (GBP), and Australian Dollar (AUD), respectively.
Additionally, the PKR gained Rs. 1.59, Rs. 0.3, and Rs. 0.28 against the Canadian Dollar (CAD), UAE Dirham (AED), and Saudi Riyal (SAR), respectively.
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