Though the country has received the stalled IMF tranche worth $1.166 billion last month but the market is still not reposing confidence in rupee as has been evident in the declining trend in the value of local unit. Interbank closing #ExchangeRate for today /yjpZbT1Cqa- SBP September 12, 2022 On Monday, the US dollar also hovered and closed at Rs229.82 gaining Rs1.64 in its value and the open market rate for the greenback was Rs236, an increase of Rs1.5 on the first day of the week. It may be mentioned here that the US dollar has overall gained Rs12.94 during the last seven days. Interbank closing #ExchangeRate for today /LxIGLPyVyd- SBP September 13, 2022 However, by the close of the day, the US dollar was up by Rs2.10 at Rs231.92. The money dealers informed that during the business activity today, the US dollar reaped a formidable gain and traded at Rs231, up by Rs1.18 in the interbank by 10:20am which it consolidated further by noon by when it was up by Rs2.18 and traded at Rs232. In the open market, the PKR gained 1.50 rupees for both buying and selling against USD, closing at 179 and 180, respectively.Īgainst Euro, the PKR gained 3 rupees for both buying and selling, closing at 198 and 199.50, respectively.Īgainst UAE Dirham, the PKR gained 1.10 rupees for both buying and selling, closing at 49 and 49.40, respectively.Īgainst Saudi Riyal, the PKR gained 40 paisas for buying and 45 paisas for selling, closing at 47 and 47.40, respectively.The falling rupee proved itself to be more spineless than ever against the surging US dollar as the greenback was persistent in retaining its upward trajectory with its latest appreciation of Rs2.10 in the interbank trading on Tuesday, reported 24NewsHD TV channel. Inter-bank market rates for dollar on Monday While the SBP has taken measures to curb the rupee-decline, many believe a bulging import bill is key behind the rupee's historic fall. Pressure on Pakistan's currency has increased since May this year as a widening current account deficit take toll on the rupee-dollar parity. But only narrowing of trade gap will help PKR to stabilise,” said Rizvi. “It will help to restrict outflow of PKR to some extent. “The SBP circular amending instructions for Exchange Companies is a move towards documentation,” said Asad Rizvi, Ex-Treasury Head at Chase Manhattan. This step is primarily taken to discourage speculative buying and selling of foreign exchange from the exchange companies without affecting the ability of the market to serve the genuine needs of the public, the central bank had said. Purchase of forex by individuals: SBP fixes $100,000 per person per year maximum limit It fixed a maximum limit of $100,000 (or equivalent in other foreign currencies) per person per calendar year for buying of foreign currency from Exchange Companies.įor this purpose, it has asked the Exchange Companies to obtain an undertaking from individual customers at the time of each sale transaction exceeding $ 1,000/- (or equivalent in other currencies) that they have not already reached the limit of USD 100,000/- per calendar year or USD 10,000/- per day from all exchange companies and these limits will not be breached after the current transaction. The SBP amended the regulations governing sale of foreign exchange to individuals by exchange companies. Stability in the market comes a day after the SBP introduced more measures to enhance documentation and transparency in foreign exchange transactions through Exchange Companies. Cumulatively, the rupee has depreciated over 11% CYTD and 13% on a FYTD basis against the US dollar.Īgainst USD: Pakistan's rupee crosses 178, hits fresh historic low
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