KARACHI: The United States (US) dollar has surged to a historic high in Pakistan’s open market as it trades above the Rs180 mark on Monday, ARY News reported.The greenback is being traded at Rs180.50 in the open market, while it has depreciated a little in the interbank market and is being traded at Rs178.5.
The value of the Pakistani rupee in relation to the US dollar remained unchanged on Monday’s open market.
currency dealers Business Recorder, when contacted, said that the rupee was quoted at 294 for open market purchases and 297 for sales.
The previous week was a good one for the rupee, and the gap between the two markets narrowed to a point that was comfortably within the approved range of the International Monetary Fund (IMF). In the open market, the value of the PKR rose by 7.00 rupees in relation to the USD during purchasing and selling, closing at 294.00 and 297.00, respectively.
Because open-market rates are so close to this value, the premium—one of the structural benchmarks of the IMF program—is currently smaller than the value of the rupee in the interbank market.
The rupee saw a small increase against the US dollar on the interbank market on Monday. It came out to 295.95.
The rupee has strengthened recently as a result of a national law enforcement agency effort against smugglers and illegal currency transactions.
Apart from the government’s administrative measures, the State Bank of Pakistan (SBP) has suggested structural changes that require commercial banks to become wholly-owned subsidiaries, or ECs. As of right now, three banks have announced their plans to establish ECs.
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