US dollar touches fresh peak against rupee

KARACHI: The United States (US) dollar continued its surge against the Pakistani rupee hitting a fresh peak in the inter-bank currency market on Thursday.

According to the State Bank of Pakistan (SBP), the greenback closed at Rs171.20 against the local unit, registering appreciation of 7 paisas over the previous close of Rs171.13.

Interbank closing #ExchangeRate for today: https://t.co/dmKqCs9muE pic.twitter.com/iy7HtvWHnR

— SBP (@StateBank_Pak) October 14, 2021

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.

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

Also Read: 88 held for US dollar hoarding, says Sheikh Rasheed

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.