The Pakistani rupee continued its winning streak against the US dollar, the rupee settled at 277 in the interbank on Friday morning.
In the open market, the value of the US dollar has decreased by Rs1 and is currently being traded at Rs277, according to dealers.
Simultaneously, in interbank trading, the US currency saw a significant decline of 5.50 rupees last week, attributed to increased crackdowns on illegal currency businesses and efforts to curtail dollar smuggling.
This downward trend of the dollar against the Pakistani rupee in the open market has been persistent since the beginning of September.
The State Bank of Pakistan (SBP) took action on Wednesday by suspending the authorization of five Exchange Companies with immediate effect due to their violation of regulatory instructions.
The central bank issued a statement announcing the suspension of authorization for five Exchange Companies in the “B Category” until further notice. This action was taken in response to their serious violations of regulations and instructions.
The five Exchange Companies affected by this suspension are as follows: International Exchange Company–B (Pvt) Limited, World Wide Exchange Company –B (Pvt) Limited, World Exchange Company –B (Pvt) Limited, Universal Exchange Company –B (Pvt) Limited, and United Exchange Company –B (Pvt) Limited.
The surge of the Pakistani Rupee (PKR) against the US dollar in the open market has effectively reduced the gap between open and interbank market rates. This convergence remains within the limits set by the International Monetary Fund, demonstrating a more stable currency exchange environment.
