The Pakistani rupee continued to strengthen against the US dollar in the open market on Monday.
The difference in exchange rates between the open market and the official inter-bank market remained small and in line with the limits set by the International Monetary Fund (IMF).
According to currency dealers interviewed by Business Recorder, the selling rate for the rupee was 287, while the buying rate was 284 for customers.
— SBP (@StateBank_Pak) October 2, 2023
By the end of the trading day on Monday, the exchange rates were 286.5 for selling and 283.5 for buying, as reported by the Exchange Companies Association of Pakistan (ECAP).
This increase in the rupee’s value has faced criticism from some who believe it might not be sustainable, especially since it’s a result of government measures.
However, it’s also seen as a positive development because it helps reduce speculative activities in the currency market. Furthermore, it has brought the exchange rates in the inter-bank and open markets closer together, meeting the IMF’s requirements.