The Pakistani rupee continued to gain ground against the US dollar in the open market on Wednesday, rising by Rs4 against the greenback.
According to the Forex Association of Pakistan, the rupee had gained Rs4 against the dollar and was changing hands at Rs313 at 12:15pm. It said that the dollar was selling for 313 in the open market while it was being bought for 310.
In the interbank market, however, the local currency decreased by 65 paisa to come to 306.45 from yesterday’s close of 307.10.
Malik Bostan, Chairman of Exchange Companies Association of Pakistan, said that the government and the relevant authorities had taken strict steps to control the “black market” which had resulted in the gap between the open market and the interbank to reduce.
He foresaw the difference between the two rates coming down to 1.25 per cent in the coming days. “The dollar rate in Afghanistan has also fallen which has stopped smuggling from here,” he said.
Bostan expressed the hope that the interbank and open market rates would soon return to normal.
More to follow
from The Dawn News - Home https://ift.tt/QjW1PtU
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