In Tuesday’s morning interbank trading, the US dollar lost Rs1.28 against the Pakistani rupee. Foreign exchange dealers reported that the USD dropped to Rs275.55 from 276.83 rupees.
In the open market, the US currency also decreased by 50 paisas, now trading at Rs276.50 as opposed to 277 rupees. Banks are selling the greenback to importers at Rs275.96, as per forex exchange dealers.
Notably, the previous week saw a substantial drop of Rs5.07 in the US dollar’s value against the Pakistani rupee in interbank trading. It declined from 282.69 rupees to Rs277.62 by the week’s end on Friday, October 13.
Additionally, the State Bank of Pakistan (SBP) took action by suspending the authorization of five Exchange Companies with immediate effect due to their violation of regulatory instructions. The affected companies are 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.
