In the open market, PKR is gaining ground against the dollar
On Wednesday, the Pakistani rupee strengthened further versus the US dollar on the open market, gaining Rs 4.
The rupee was trading at Rs313 at 12:15 p.m., up Rs4 against the dollar, according to the Forex Association of Pakistan. It stated that while the dollar was being purchased for 310, it was selling for 313 on the open market.
However, the local currency fell by 65 paisa in the interbank market, dropping from yesterday’s close of 307.10 to 306.45.
The difference between the open market and the interbank has narrowed, according to Malik Bostan, chairman of the Pakistani Exchange Companies Association. This has been accomplished by severe measures adopted by the government and other relevant institutions to restrict the “black market.”
He anticipated that within a few days, the margin between the two rates will drop to 1.25 percent. “Smuggling from here has stopped because the dollar rate in Afghanistan has also decreased,” he claimed.
Bostan expressed optimism for a swift return to normalcy for both interbank and open market rates.