The Pakistani rupee continued its winning spree against the US dollar, gaining another 0.33% in the inter-bank market on Friday.
The rupee was recorded at 277.65, up by Re0.93 from the previous day’s closing rate of 278.58 in the inter-bank market.
In the open market, the Pakistani rupee was quoted at 277 for selling and 274 for buying, in contrast to the previous day’s closing rate of 278 for selling and 275 for buying.
This development follows a series of measures undertaken by the State Bank of Pakistan (SBP) to stabilize the Pakistani currency. Last month, the SBP introduced a comprehensive set of “structural reforms” aimed at regulating Exchange Companies (ECs) and curbing the dollar’s ascent.
Simultaneously, the caretaker government implemented administrative actions to combat currency smuggling and hoarding. As a result, authorities conducted countrywide raids, leading to the closure of numerous illegal currency exchanges and the confiscation of foreign currency worth millions.
The timing of the rupee’s resurgence is particularly significant as Pakistan gears up for the next review of its Stand-By Arrangement (SBA) with the International Monetary Fund (IMF), scheduled for November. A stable and appreciating currency is typically viewed favorably in IMF negotiations, potentially strengthening Pakistan’s position.
