The US dollar continued to hit new heights against a weakening Pakistani rupee, and reached the 315 level during trading as gap with the inter-bank rate widened further.
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).
However, the gap – called the premium by the IMF in its country report on Pakistan published after the Stand-By Arrangement’s approval by the Executive Board – has been widening over the past few weeks.
On Wednesday, dealers Business Recorder reached out to said the rupee was being quoted at 315 for selling and 312 for buying purposes for customers in the open-market, in comparison to 303-306 recorded in the previous session. The inter-bank market has currently not crossed 300, according to latest updates.
For inter-bank rate click here