Rupee continues winning streak against US dollar

KARACHI: The Pakistani rupee (PKR) continued its gains on Friday, improving by another Rs 1.08 against the USD in the interbank market, according to the forex dealers.

The US dollar was trading at Rs277.50 in the interbank at the start of the day.

Similarly, the US currency has shed Rs1 in the open market and being sold at Rs277, dealers added.

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

With PKR surge against USD in the open market, gap with the inter-bank market rate continued to stay narrow and within the limits prescribed by the International Monetary Fund.