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KARACHI: The Pakistani rupee on Monday changed course in the open market after appreciating sharply towards the end of last week, depreciating 1.6 percent against the US dollar and was traded at rates in the range of 305-310.
The PKR was being sold at around 310 against the greenback, while buying was being conducted at Rs305, as compared to Rs302 for buying and Rs305 for selling a day ago.
The rupee also lost value in the inter-bank market, but was still hovering between the 285-286 to the USD.
“The currency (seems to have) corrected its course, and market forces are now playing their part to reach equilibrium,” a currency dealer was quoted as saying in Business Recorder.
The dealer, however, dismissed the impression of a currency shortage, adding that there is ample supply of US dollars.
The State Bank of Pakistan (SBP) said last week that it has permitted approved foreign currency dealers to buy US dollars on the interbank market to settle card-based cross-border transactions with global payment systems like Visa and MasterCard.
Following this allowance by the central bank on Wednesday (May 31), the rupee had gained around Rs15 in the open market the next day. Analysts had expected this move to narrow the dollar price spread, which had risen to almost Rs30, between the kerb and interbank markets.