Monday, October 25, 2021

Rupee recovers against US dollar


KARACHI: The Pakistani rupee appreciated 9 paisas against the United States (US) dollar in the inter-bank currency market on Thursday.

The rupee saw record inter-day low of Rs171 before recouping some losses to close at 170.87.

According to the State Bank of Pakistan (SBP), the local unit finished at Rs170.87 against the greenback, registering appreciation of 9 paisas over the previous close of Rs170.96.

The US dollar has appreciated Rs18.72 against the 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.

Also Read: FIA arrests head of money exchange company Zafar Paracha from Karachi

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.

The SBP further directed that exchange companies will sell the cash foreign currency and make outward remittances, equivalent to US$10,000 and above, against receipt of funds through cheque or banking channels only.

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