US dollar supplies have dropped to $10-15m per day to counters in open market compared to around $50m earlier. PHOTO: filePakistan has successfully narrowed the rupee-dollar exchange rate gap between inter-bank and open markets to the targeted level of Rs5, meeting a major condition of the International Monetary Fund (IMF). Similarly, it ticked up 0.01%, or Rs0.04, to Rs287.22/$ in the inter-bank market. The exchange rate spread had widened to Rs27 some two weeks ago after the currency dropped to the record low of Rs312/$ in the open market. The exchange rate gap between the legal and illegal markets may impact the flow of remittances from overseas Pakistanis through official channels.

Source: The Express Tribune June 21, 2023 15:02 UTC