The Pakistani rupee continued its upward trend against the US dollar in the interbank market on Tuesday, as reported by forex dealers.
The Pakistani rupee strengthened by Rs0.20 against the USD and is currently trading at Rs278.92 in the interbank market. Forex dealers noted that banks are offering the US dollar to importers at Rs279, while in the open market, the US currency is being exchanged at Rs281 against the local currency.
Last week, the USD experienced a significant decline of Rs5.07 against the Pakistani rupee (PKR) in interbank trading. The USD dropped from Rs282.69 to Rs277.62 in the interbank market by the end of the week on Friday, October 13th.
Additionally, the State Bank of Pakistan (SBP) took swift action by suspending the authorization of five Exchange Companies due to violations of regulatory instructions. The affected companies include 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.
