The Pakistani rupee continued to register gains against the US dollar in the open market on Wednesday, while the local currency maintained its momentum in the inter-bank market.
During the day, currency dealers Business Recorder reached out to said the rupee was being quoted at 285 for selling and 282 for buying purposes for customers, unchanged from the previous close.
At the end of trading, the currency closed at the same rates, according to data provided by the Exchange Companies Association of Pakistan (ECAP).
On Tuesday, it had closed at 285.25 for selling and 282.25 for buying purposes.
In the inter-bank market, the rupee continued to gain against the US dollar for the seventh consecutive session as it appreciated 0.08% on Wednesday. As per the State Bank of Pakistan, the local unit settled at 284.14 after an increase of Re0.24.
The gap between rates in the inter-bank and open markets is required to be less than 1.25% under one of the structural benchmarks set by the International Monetary Fund (IMF).
As per a survey conducted by Arif Habib Limited (AHL) in its ‘Pakistan Investment Strategy Report 2023’, market expects parity to settle above PKR 300/USD by FY24 end and above 340/USD by June 2025.
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