Rupee gains Rs1.22 against dollar in interbank

KARACHI: The US dollar sheds Rs 1.22 against Pakistani rupee in interbank trading on Monday morning.

USD dropped to Rs276.40 in the interbank trading from 277.62 rupees, foreign exchange dealers said.

The US currency also dropped by Rs1.00 in the open market and trading at Rs276 from 277 rupees.

The banks selling dollar to importers at 276.80, currency dealers said.

The greenback and other foreign currencies shed value last week amid Pakistani rupees upward run since the beginning of September.

The State Bank of Pakistan (SBP) on Wednesday suspended the authorisation 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.