KARACHI (Commerce Reporter) – In a historic move, Pakistani rupee has gained strength against the dollar. This comes after the State Bank of Pakistan (SBP) introduced new measures. These measures allow foreign exchange dealers to purchase dollars from the Interbank market for credit card payments. As a result, the pressure on the dollar in the open market has reduced.
Yesterday, the dollar experienced a significant drop of $12 in the open market on Wednesday. Previously, there was a noticeable difference between the value of the dollar in the open market and the value at which banks were buying and selling it. Banks were buying dollars at 315 rupees and selling them at 325 rupees. However, on Thursday, the dollar’s value decreased to 298 rupees.
Interbank closing #ExchangeRate for todayhttps://t.co/gbMRk8GubR#SBPExchangeRate pic.twitter.com/z6lkqd35wq
— SBP (@StateBank_Pak) June 1, 2023
This decision now permits credit card holders to buy dollars from banks for external payments at the interbank rate. Previously, individuals had to purchase dollars from the open market. This led to a continuous increase in the dollar’s value there.
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The immediate impact of this policy adjustment was evident. The dollar’s value in the open market dropped by 12 rupees on Thursday. Consequently, the dollar’s value decreased from 311 rupees to 299 rupees. In the interbank market, the dollar’s value decreased by 9 paise, settling at a rate of 285.38 rupees to 1 dollar.
According to a report from the Forex Association, other major currencies also experienced fluctuations. The euro decreased in value by 19 rupees, reaching 313 rupees. Similarly, the British pound dropped by 20 paise to 365 rupees. Additionally, the Saudi riyal decreased by 5.20 rupees, settling at 78 rupees, and the UAE dirham decreased by the same margin, reaching 80 rupees.
These developments are expected to have a significant impact on the economy and foreign exchange markets. With the rupee strengthening against the dollar, it is anticipated to enhance economic stability and create a more favorable business environment in Pakistan.
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