KARACHI: The exchange rate of the US dollar in Pakistan’s open market experienced a further decline On October 12, decreasing by 1 Rupee to reach Rs278.

The closing rate for the US dollar in the open market was 278 PKR, down from the previous rate of 279 PKR. Currency dealers noted that the selling rate was 278 PKR, while the buying rate for customers stood at 275 PKR.

At the conclusion of the trading day on Thursday, the currency maintained these rates, as indicated by data provided by the Exchange Companies. In the Interbank market, the US dollar also saw a decrease to 278.58 PKR.

The depreciation of the dollar by 28 rupees and 59 paise in the Interbank market has led to a 9% increase in the value of the Pakistani rupee. This surge has been attributed to government actions against dollar smuggling and hoarding.

This trend of appreciation follows the State Bank of Pakistan’s (SBP) intensified efforts to curb the rapid rise of the US dollar. The SBP introduced a series of “structural reforms” targeting the Exchange Companies (ECs) last month.

One of the benchmarks set by the International Monetary Fund (IMF) requires the gap between rates in the Interbank and open markets to be less than 1.25%, and these developments are moving towards aligning with that benchmark.