The Pakistani rupee maintained its upward trend against the US dollar in the open market, maintaining the local currency’s rise in the interbank market, On Tuesday.
The rupee was quoted at 280 for selling and 277 for buying.
According to data given by the Exchange Companies Association of Pakistan (ECAP), the currency concluded trading on Monday at 280.5 for selling and 277.5 for buying. The rate is once again lower than the interbank rate.
The recent strengthening of the rupee follows the State Bank of Pakistan (SBP) intensifying its efforts to curb the rapid ascent of the US dollar. Last month, the SBP introduced a series of “structural reforms” specifically aimed at regulating Exchange Companies (ECs).
In addition to the central bank’s initiatives, the interim government announced administrative measures to clamp down on currency smuggling and hoarding. This led to nationwide raids, during which numerous illicit currency exchange operations were shut down, and substantial amounts of foreign currency were confiscated.
Furthermore, in September, the SBP took action by suspending the authorization of four exchange companies.
