Pakistani Rupee Strengthens Against US Dollar

On Wednesday, the Pakistani rupee continued its upward trend against the US dollar in the open market, appreciating by Rs4 compared to the greenback. According to the Forex Association of Pakistan, the rupee strengthened by Rs4 against the dollar, with the exchange rate reaching Rs313 at 12:15 pm. They reported that the dollar was being sold for 313 in the open market while it was being purchased for 310.

In contrast, within the interbank market, the local currency experienced a decrease of 65 paisa, settling at 306.45 from the previous day’s closing rate of 307.10.

Also Read: Gold Rate In Pakistan Today Latest Tola Prices

Malik Bostan, Chairman of the Exchange Companies Association of Pakistan, noted that the government and relevant authorities had implemented stringent measures to curb the “black market,” resulting in a reduction in the disparity between open market and interbank rates. He anticipated that the gap between these rates would further narrow to 1.25 percent in the coming days, citing a decrease in the dollar rate in Afghanistan as a contributing factor that had deterred smuggling activities.

Bostan expressed optimism that both interbank and open market rates would soon return to their normal levels.