The Pakistani rupee has slightly improved against the US dollar in the open market. Currency dealers have stated that the rupee is now being sold at 295 and bought at 292, which is an increase of Re1 compared to Thursday’s rates. At the end of trading on Thursday, the rupee was being sold at 296 and bought at 293. This convergence of rates in the inter-bank and open markets is reducing the premium that is set by the International Monetary Fund (IMF) programme. In the inter-bank market, the rupee is hovering around 291 against the US dollar. The recent appreciation of the rupee is attributed to a crackdown on illegal exchanges and currency smugglers. Additionally, the State Bank of Pakistan (SBP) has instructed commercial banks to establish their own Exchange Companies (ECs) as fully-owned subsidiaries, and so far, four banks have announced their intent to establish ECs.
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