PKR strengthens by Rs1.07 against USD in interbank trading

Government's crackdown on illegal currency exchange companies and SBP's reforms contribute to consistent appreciation

The Pakistani rupee continued its impressive run against the US dollar, registering a gain of 0.38% during Wednesday’s trading session in the interbank market.

At noon, the rupee was trading at 284.65 against the US dollar, marking an increase of Rs1.07 within the inter-bank market. This follows a 0.36% appreciation on Tuesday when it settled at 285.72.

The Pakistani rupee has also maintained its upward trajectory in the open market, with the gap between the inter-bank and open-market rates remaining within the limits set by the International Monetary Fund (IMF). For customers, the rupee was quoted at 282 for buying and 285 for selling purposes.

The State Bank of Pakistan (SBP) has played a significant role in this sustained appreciation. Last month, the central bank implemented a series of “structural reforms” targeting exchange companies (ECs) to regulate and stabilise the currency exchange market, reducing volatility.

The collaborative efforts of the SBP and the interim government have instilled confidence in the Pakistani rupee, which has responded by appreciating consistently against the US dollar. Data indicates that the Pakistani rupee continues to outperform most other world currencies on a daily basis, as many currencies continue to depreciate against the US dollar.

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