This positive trend can be attributed to the crackdown on speculators, hoarders, and smugglers, as well as the recent reforms introduced by the State Bank of Pakistan. These reforms aim to consolidate exchange companies and encourage leading banks to establish their own exchange companies.
In the recent Monetary Policy Committee meeting, the policy rate was kept unchanged at 22%, contrary to market expectations of a potential rate hike. Additionally, the current account deficit for August 2023 decreased by 79.35% compared to July 2023, reaching $160 million. This improvement occurred despite the removal of restrictions on letters of credit. Overall, these developments reflect efforts to stabilize the currency and strengthen the economy.
The Pakistani rupee (PKR) showed signs of appreciation against the US dollar in the interbank session, settling at PKR 296.849 per USD.The currency saw fluctuations throughout the day, reaching a high of 297.2 and a low of 297. In the open market, the exchange rate remained stable, with the dollar quoted at 296 for buying and 300 for selling.
