KARACHI: Despite multiple steps taken by the State Bank of Pakistan (SBP) to ease the pressure on the exchange rate, the Pakistani rupee’s slide continued against the US dollar in the interbank currency market on the first trading day of the week.
According to forex dealers, the local unit today tumbled to an all-time low at Rs173 against dollar, showing depreciation of Rs1.82 over Friday’s close of Rs171.18.
On Friday, the rupee closed at Rs171.18 against the US dollar.
Increasingg demand for the US dollar is driving up its value despite a number of steps introduced by the State Bank to ease the pressure on the exchange rate.
Earlier, the central bank introduced regulatory measures to enhance transparency in the foreign currency transactions by exchange companies and to curb undesirable outflow of foreign currency.
According to guidelines of the SBP, persons travelling to Afghanistan will be allowed to carry only US$1,000 per person per visit with a maximum annual limit of US$6,000.
Exchange companies will be required to conduct biometric verification for all foreign currency sale transactions equivalent to US$500 and above and outward remittances and it would be applicable with effect from October 22.
