The value of the Pakistani rupee has been getting stronger against the US dollar in the official interbank market. However, in the open market, the rupee has been weakening. This happened after the rupee had recently fallen below 300 against the dollar in the interbank market, which had never happened before. According to the Forex Association of Pakistan (FAP), the rupee had gained 1.64 against the dollar in the interbank market, but it depreciated in the open market. The dollar was being exchanged for Rs301, compared to Rs300 the previous day. The FAP Chairman explained that the supply of dollars in the open market had increased rapidly, causing the demand in the interbank market to decrease. He hoped that the difference in dollar rates between the two markets would not exceed 1.25%, as stated by the International Monetary Fund. The rupee has been strengthening recently due to measures taken against illegal dollar outflows. Exporters have been selling dollars in large quantities, fearing further devaluation. The situation is still developing.
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