Pakistani Rupee strengthens as Dollar drops by ten paisas
SBP is going to start an uninterrupted sale of dollar to exchange companies at Rs 105.90
ISLAMABAD (Dunya News) – Pakistani Rupee has strengthened against United States (US) Dollar on Wednesday as efforts of the State Bank of Pakistan (SBP) and exchange companies have bore fruit.
USD has dropped by at least Rs 0.10 against all rumours and speculation. Campaign of the supreme bank of the country and exchange companies have bore fruit as Rupee has strengthened. Forex Association of Pakistan’s president has claimed that dollar would drop below Rs 106 in open market in the ongoing week.
He said that the SBP is going to start an uninterrupted sale of dollar to exchange companies at Rs 105.90 today. The companies have imported USD worth ten million, he added.
Resultantly, dollar buyers have lessened in number in the open market. Dollar stands in interbank market at 105.48 with six paisas cut while in open market at Rs 106.50 with at least ten paisas cut.
Earlier on Tuesday, Forex Association of Pakistan sold USD worth at least ten million.
The association’s president had said that the people should not rush with purchase of dollar. He said that needy people who are eyeing the currency for medical treatment or educational purposes should not make huge purchase fearing increase in value.
Increase in supply of USD has resulted in decrease of its value, he added.
The forex president said that dollar is steady for now in the interbank market.
