On Wednesday, the Pakistani rupee improved its position against the US dollar in the open market, going up by Rs4 compared to the dollar. The Forex Association of Pakistan reported that the rupee was trading at Rs313 at 12:15 pm, with the dollar being sold for Rs313 and bought for Rs310 in the open market. However, in the interbank market, the local currency slightly decreased by 65 paisa, settling at 306.45 from the previous day’s close of 307.10.
Malik Bostan, Chairman of Exchange Companies Association of Pakistan, mentioned that the government and authorities had taken strong measures to control the “black market,” narrowing the gap between open market and interbank rates. He predicted that this gap would further decrease to 1.25 percent in the coming days, also noting that the decrease in the dollar rate in Afghanistan had curbed smuggling activities. Bostan expressed optimism that both interbank and open market rates would soon stabilize.