USD to PKR rate remains stable at Rs 280 in open market on Friday

KARACHI: The US dollar rate in Pakistan remained stable at Rs 280 in the open market on Friday.

However, in the inter-bank, the value of US dollar stands at Rs278.80, said the State Bank.

The Pakistani rupee maintained its value against the US dollar in the open market, while the local currency continued to strengthen in the inter-bank market.

In open market, the rupee was quoted at 280 for selling and 277 for buying for customers.

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).

The rupee saw one of the longest appreciation runs against the US dollar, which came after the State Bank of Pakistan (SBP) announced a list of “structural reforms” last month, targeting the Exchange Companies (ECs).