KARACHI: The Pakistani rupee on Thursday gained further ground against the US dollar, appreciating Rs2.04 to settle at 304.94 in the inter-bank.
At close, the rupee was up Rs2.04 or 0.67%, as per the State Bank of Pakistan (SBP).
On Wednesday, the rupee witnessed a slight recovery against the US dollar to settle at 306.98, an appreciation of 0.04%, in the inter-bank market.
Interbank closing #ExchangeRate for todayhttps://t.co/3lmMOguoYQ#SBPExchangeRate pic.twitter.com/bgjK6DDbGu
— SBP (@StateBank_Pak) September 7, 2023
In a key development, the State Bank of Pakistan (SBP), in a bid to strengthen controls amid the massive fall in rupee’s value in the open market, decided to introduce structural reforms in the Exchange Companies’ (ECs) sector on Wednesday.
“As part of these reforms, leading banks actively engaged in foreign exchange business will establish wholly-owned Exchange Companies (EC) to cater to the legitimate foreign exchange needs of general public,” said the SBP in a statement.
