Follow Us on Google News
KARACHI: The US dollar dropped a further 93 paisa and traded at Rs278.58 in the interbank market on Thursday morning.
Pakistani rupee continued its gains in the currency market against the dollar.
According to forex dealers, the PKR gained another 93 paisa against the greenback in the interbank market and traded at Rs278.58.
The banks are selling dollars to importers at Rs279.03, currency dealers said. The US currency has shed Rs0.50 in the open market and is being sold at Rs278.50, dealers added.
Amid the tightening of screws at the illegal currency business and a crackdown on the smuggling of the dollar, the US currency shed 5.50 rupee in interbank trading last week.
Pakistan Army wins silver medal in world’s toughest military competition in UK
The dollar has consistently gone down against the Pakistani rupee in the open market since the beginning of September.
The State Bank of Pakistan (SBP) on Wednesday suspended the authorization of five Exchange Companies with immediate effect due to violation of regulatory instructions.
In a statement, the central bank said it has suspended authorization of five Exchange Companies – B Category till further orders due to serious violations of regulations and instructions.
The five companies were: International Exchange Company–B (Pvt) Limited, World Wide Exchange Company –B (Pvt) Limited, World Exchange Company –B (Pvt) Limited, Universal Exchange Company –B (Pvt) Limited and United Exchange Company –B (Pvt) Limited.
With the Pakistani rupee’s surge against the US dollar in the open market, a gap with the inter-bank market rate continued to stay narrow and within the limits prescribed by the International Monetary Fund.
