<\/p>\n
The Pakistani rupee continued to gain ground against the US dollar in the open market on Wednesday, rising by Rs4 against the greenback.<\/p>\n
According to the Forex Association of Pakistan, the rupee had gained Rs4 against the dollar and was changing hands at Rs313 at 12:15pm. It said that the dollar was selling for 313 in the open market while it was being bought for 310.<\/p>\n
In the interbank market, however, the local currency gained 12 paisa against the dollar to come to 306.98 from yesterday\u2019s close of 307.10.<\/p>\n
Malik Bostan, Chairman of Exchange Companies Association of Pakistan, said that the government and the relevant authorities had taken strict steps to control the \u201cblack market\u201d which had resulted in the gap between the open market and the interbank to reduce.<\/p>\n
He foresaw the difference between the two rates coming down to 1.25 per cent in the coming days. \u201cThe dollar rate in Afghanistan has also fallen which has stopped smuggling from here,\u201d he said.<\/p>\n
Bostan expressed the hope that the interbank and open market rates would soon return to normal.<\/p>\n
Meanwhile, Exchange Companies Association of Pakistan General Secretary Zafar Paracha said \u201ctoday was a really good day for Pakistan\u2019s economy\u201d as the gap between interbank and open market exchange rates was narrowing.<\/p>\n
He appreciated Chief of Army Staff Gen Asim Munir for \u201chis role\u201d in the positive development.<\/p>\n