Wednesday, December 1, 2021

Rupee tumbles to fresh all-time low against US dollar

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KARACHI: Despite a number of steps taken by the State Bank of Pakistan (SBP) to ease the pressure on the exchange rate, the Pakistani rupee’s slide continued against the United States (US) dollar in the inter-bank currency market on the first trading day of the week.

According to forex dealers, the local unit today tumbled to a fresh all-time low at Rs173 against the greenback, showing depreciation of Rs1.82 over Friday’s close of Rs171.18.

On Friday, the rupee closed at Rs171.18 against the US dollar.

Rising demand for the US dollar is driving up its value despite a number of measures introduced by the State Bank to ease the pressure on the exchange rate.

Read: SBP announces strict measures for foreign currency outflow

Earlier, the central bank introduced regulatory measures to enhance transparency in the foreign currency transactions by exchange companies and to curb undesirable outflow of foreign currency.

According to guidelines shared by the State Bank of Pakistan, 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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