The Pakistani rupee has strengthened against the US dollar in the open market. Currency dealers reported that the rupee was being sold at 293 and bought at 290 against the US dollar. Last week, the rupee gained 3.50 rupees against the dollar, closing at 290.50 and 293.50 in the open market. This improvement in the rupee’s rate in the open market has reduced the premium and meets the benchmark set by the International Monetary Fund. In the inter-bank market, the currency was at the 290 level. The rupee’s recent rise is a result of crackdowns on illegal exchanges and smugglers of currencies by law enforcement agencies, as well as structural reforms announced by the State Bank of Pakistan. However, concerns remain about Pakistan’s foreign reserves. The caretaker administration is confident that inflows from international institutions like the World Bank, Asian Development Bank, and the IMF will help boost reserves. Remittance inflows and the current account balance will also be important factors to watch in the coming months.
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