Wednesday, October 20, 2021

Rupee recoups losses against US dollar

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KARACHI: The Pakistani rupee recouped 34 paisas against the United States (US) dollar in the inter-bank currency market on the last trading day of the week i.e. Friday.

According to the State Bank of Pakistan (SBP), the local currency closed at Rs170.53 against the greenback, registering appreciation of 34 paisas over the previous close of Rs170.87.

The US dollar has appreciated Rs18 against the Pakistani rupee in the interbank market over the past five months as it stood at Rs152.28 as of May 7, 2021.

On Wednesday, the State Bank of Pakistan (SBP) introduced regulatory measures to enhance transparency in the foreign currency transactions by exchange companies and to curb undesirable outflow of cash foreign currency.

According to guidelines shared by the SBP, persons travelling to Afghanistan will be allowed to carry only US$1,000 per person per visit with a maximum annual limit of US$6,000.

Exchange companies will be required to conduct biometric verification for all foreign currency sale transactions equivalent to US$500 and above and outward remittances and it would be applicable with effect from October 22.

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