Rupee extends gains against dollar in interbank, open market
The rupee continued its upward trajectory on Friday, rising against the US dollar in the interbank and open market.
According to the Exchange Companies Association of Pakistan (Ecap), the greenback was changing hands in the interbank at Rs302.40 at 10:42am on Friday from the preceding close of Rs304.94.
Meanwhile, the dollar also fell in the open market by Rs3 to Rs304 from Rs307 on Thursday. According to the Forex Association of Pakistan, the dollar was being traded at Rs301 in the open market at noon.
The development comes two day after the central bank decided to introduce structural reforms in the exchange companies’ sector in order to provide “better services to the general public and bring transparency and competitiveness”.
Khurram Schehzad, the chief executive of financial consultancy firm Alpha Beta Core, attributed the strengthening of the rupee to the assurances given by the army chief to the business community in recent days.
Schehzad also cited the increase in the supply of dollars, saying people in the open market had started selling dollars in the interbank.
More to follow