The Pakistani rupee weakened against the US dollar in the open market on Tuesday. Currency dealers said that the rupee was being sold at 300 and bought at 297, which is Rs3 lower than the rates on Monday. However, the rates are still close to the value of the rupee in the inter-bank market, which reduces the premium. The government has been asked to ensure that the average premium between the inter-bank and open market rate is no more than 1.25% for a consecutive 5-day period. The rupee has been gaining momentum recently due to a crackdown on illegal exchanges and smugglers of currencies by law enforcement agencies. The State Bank of Pakistan (SBP) has also announced reforms, with three banks already establishing their own Exchange Companies (ECs). Various factors, such as the completion of the IMF review in November 2023, global oil prices, USD inflows from multilateral agencies, loan rollovers, and expected Foreign Direct Investment (FDI), will determine the value of the Pakistani rupee in the short term.
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