PKR in open market claws back dollar by 19 rupees

MG News | June 01, 2023 at 11:42 AM GMT+05:00

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June 01, 2023 (MLN): Snapping its long losing streak, the Pakistani rupee (PKR) made a strong comeback on Thursday, appreciating 19 rupees in the open market as the dollar was being traded at 285/295 [PST: 11:36 am].

On Wednesday, the dollar was traded at 310/314.

This sharp appreciation is attributed to the SBP's decision to allow Authorized Dealers (ADs) to purchase US dollars from Interbank for settlement of card-based cross-border transactions with International Payment Schemes (IPS) such as Visa, MasterCard, etc.

Appreciating this decision, Malik Bostan, President of the Forex Association of Pakistan told Mettis Link News that this is the right decision of the central bank at the right time as it has decreased the pressure on the open market.

As a result, the spread between the rates of the interbank and the open market has diminished.

Within the interbank market, the local unit gained 57 paisa in the intraday trade as the dollar was quoted at 285.16/285.26 [PST: 11:36 am] when compared to the previous day’s close of 285.47 against the greenback.

Copyright Mettis Link News

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