US dollar trades above Rs169 before weekend close

KARACHI: In the intra day trade during Friday, the United States dollar jumped Rs0.20 paisas from the previous day close and trod at Rs169.20, ARY News reported.

The greenback has been on the upward trajectory for weeks now and just in the intraday today it jumped 20 paisas.

Today the foreign exchange (forex) trade closes for the week and the values to remain until it resumes Monday.

Read Also: Banks will no longer offer to buy imported vehicles

Separately today to control luxury imports, and to put the brakes on the ballooning trade and current deficits, the State Bank of Pakistan (SBP) has revised prudential regulations (PRS) for consumer financing, reducing the loan limit and period for imported vehicles.

“The changes in the PRs effectively prohibit financing for imported vehicles, and tighten regulatory requirements for financing of domestically manufactured/ assembled vehicles of more than 1000 cc engine capacity and other Consumer Finance facilities like personal loans and credit cards,” the central bank said in a statement.

“This targeted step will help to moderate demand growth in the economy, leading to slower import growth and thus supporting the balance-of-payments.”