US dollar sheds Rs 5.07 in week against Pakistani rupee

KARACHI: The US dollar shed Rs 5.07 against Pakistani rupee in interbank trading ending on Friday, ARY News reported.

USD dropped to Rs277.62 in the interbank trading from 282.69 rupees this week.

The US currency dropped by Rs4.50 in the open market on the week ended yesterday and closed at Rs277 from 281.50 rupees.

Other foreign currencies also lost value amid Pakistani rupees winning streak. The euro dropped two rupees in the week from Rs298 in the opening to 296 at the weekend.

The Pound shed four rupees in week from 348 to 344 rupees. Saudi riyal dropped by one rupee from 75.20 to 74.20 rupees, while Emirates dirham dropped 45 paise to settle at 76.75 rupees.

Amid tightening of screws at illegal currency business and crackdown on smuggling of dollar, the US currency shed 5.50 rupee in interbank trading previous week.

The dollar consistently going down against Pakistani rupee in open market since the beginning of September.

The State Bank of Pakistan (SBP) on Wednesday suspended the authorisation of five Exchange Companies with immediate effect due to violation of regulatory instructions.

In a statement, the central bank said it has suspended authorization of five Exchange Companies – B Category till further orders due to serious violations of regulations and instructions.

The five companies were: 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.