KARACHI: The Pakistani rupee gained 0.52% on Wednesday, snapping an eight-session losing skid versus the US dollar, due to the central bank’s late-night move to permit Exchange Companies (ECs) to import US dollars in cash.
At close, the rupee settled at 287.04, an increase of Rs1.48, as per the State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for today https://t.co/8rtZjpJBAy#SBPExchangeRate pic.twitter.com/pr9rZimpa0
— SBP (@StateBank_Pak) July 26, 2023
On Tuesday, the ongoing downward momentum pulled the Pakistani rupee lower for the eighth consecutive session, depreciating 0.21% to settle at 288.52 against the US dollar in the inter-bank market.
However, in a key development, the SBP on Tuesday night allowed the Exchange Companies (ECs) to import cash US dollars against the value of their export consignments of permissible foreign currencies within five working days, through reputed cargo or security companies.
Previously, ECs were allowed to export the permissible currencies in cash but were required to bring dollars in their bank accounts. Now, with this move, ECs can also bring cash dollars through cargo or security companies.
