US Dollar continues to dwindle against Pakistani Rupee

KARACHI: The Pakistani Rupee (PKR) appreciated again on Thursday, rising by Rs0.66 against the US dollar (USD) in the interbank market, ARY News reported.

According to forex dealers, the rupee appreciated and is currently trading at Rs159.70.

Currency dealers in the interbank market said demand for dollars is at its lowest these days.

The rupee appreciated again yesterday, rising by Rs1.62 against the dollar in the interbank market

Prior to this, the Pakistani rupee registered a Rs3.57 appreciation in its value against the US dollar in the interbank market on April 17.

SBP advises banks to suspend dividend distribution

In view of uncertainty arising out of COVID-19 pandemic, the State Bank of Pakistan has advised all the banks and development financial institutions (DFIs) to suspend the dividend distribution for the next two quarters.

In a statement, the SBP said that the banks/DFIs that have approved dividend declaration for the quarter ended March 2020 by 22nd April 2020 have been advised to suspend dividend distribution for June and September quarters 2020.

All other banks have been advised to suspend dividend distribution for March and June 2020 quarters. This measure will also enhance the loss absorption capacity of the banking system and will enable them to further support the real sector in Pakistan, read the statement.