The Pakistani rupee continues to regain some lost ground to the American dollar as it experienced the first major gain in a month.
Resultantly, the difference in dollar rate in the currency market has fallen below the limit set by the International Monetary Fund (IMF).
On Thursday morning, the local currency strengthened by Rs1.98 in the interbank market. Its value in the currency market was recorded at Rs305, a fall from Wednesday’s Rs306.98.
Later around noon, the dollar lost Rs2.03 and was traded at Rs304.95 in the interbank market.
Interbank closing #ExchangeRate for todayhttps://t.co/3lmMOguoYQ#SBPExchangeRate pic.twitter.com/bgjK6DDbGu
— SBP (@StateBank_Pak) September 7, 2023
However, in the open market, the currency was being sold at Rs306 all day on Thursday after witnessing a loss of Rs6 in its value.
The difference between the dollar exchange rate in the open and interbank markets has reduced to Rs1.05, which is less than 0.5%.
The IMF has set the condition of bringing down the difference between the American currency rates in the exchange markets at 1.25%.
On Wednesday, the value of the US dollar continued its downward spiral in the open market, as the greenback extended its depreciation trend.
In the open currency market, the America dollar experienced a significant depreciation on Wednesday as its worth went down by Rs10, leading to its exchange rate reaching Rs312 in the open market.
Interbank closing #ExchangeRate for todayhttps://t.co/SytjyekglO#SBPExchangeRate pic.twitter.com/Nxvgd9SQ05
— SBP (@StateBank_Pak) September 6, 2023
This rapid decline marked a remarkable Rs18 drop in just two days.
In the interbank market, the American currency saw a minor fall of 12 paisas, and closed the day's trading session at Rs306.98.
This brings the difference between the greenback rates in the interbank and open currency markets to Rs5, reaching closer to the condition set by the IMF.
Also Read: Dollar faces huge blow in open market, drops slightly in interbank also
It's important to mention that the dollar didn't only drop in the open market; it also went down a little by 15 paisas in the interbank market, where it ended up at 307.25 rupees.
The rupee's comeback comes on the heels of the meetings between Chief of Army Staff Gen Syed Asim Munir with the business community of Lahore and Karachi. The army chief had assured the businessmen of ensuring of transparency in the dollar rates and cracking down on the currency mafia.
