The Pakistani rupee continued to gain against the dollar in the open market on Wednesday, gaining 4 rupees against the dollar.
The rupee gained 4 rupees against the dollar and was trading at 313 rupees at 12:15 pm, according to the Pakistan Foreign Exchange Association. He said the dollar was being sold at 313 yen while the dollar was being bought at 310 yen on the open market.
However, on the interbank market, the local currency fell 65 paisa to 306.45 paisa from yesterday’s close of 307.10 paisa.
Malik Bostan, president of the Pakistan Association of Exchange Firms, said the government and relevant authorities have taken strict measures to regulate the “black market”, resulting in a narrowing of the gap between the public market and banks. Ta.
He expected the gap between the two rates to narrow to 1.25% within days. “The dollar rate in Afghanistan has also fallen and smuggling has stopped from here,” he said.
Mr Bostan expressed hope that interbank and open market rates will return to normal soon.
Meanwhile, Zafar Paracha, general secretary of Pakistan Association of Exchange Firms, said “it was a really good day for Pakistan’s economy” as the gap between the interbank exchange rate and the open market exchange rate was closing.
He praised Army Chief of Staff Asim Munir for “his role” in the positive development.
“Military commanders have met with businessmen from various cities and promised to take steps to improve the situation.
He said talks were underway on foreign direct investment, with investments of $20 billion to $25 billion pledged and expected to materialize soon.
Paracha also linked the rise in rupee value to the launch of anti-smuggling campaigns and actions against illegal businesses, which reduced gray market buyers and created a gap between interbank and open market rates, Paracha said.
Noting that the dollar is still trending higher in the open market, he urged banks to act “responsibly” and advised the public not to buy dollars unnecessarily.
more to come
