Dollar sheds 93 paisa, trading at Rs278.58 in interbankBreaking

October 12, 2023

The US dollar drops further 93 paisa and trading at Rs278.58 in interbank market on Thursday morning. Pakistani rupee continued its gains in currency market against dollar. According to forex dealers the PKR gained another 93 paisa against the greenback in the interbank market and trading 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 being sold at Rs278.50, dealers added. Amid tightening of screws at illegal currency business and crackdown on smuggling of dollar, the US currency shed 5.50 rupee in interbank trading last week. The dollar consistently going down against Pakistani rupee in open market since 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. With Pakistani rupee’s surge against US dollar in the open market, gap with the inter-bank market rate continued to stay narrow and within the limits prescribed by the International Monetary Fund.

 Credit: Independent News Pakistan (INP)