USD to PKR: Rupee falls against dollar in interbank, open market

KARACHI – US dollar, after plunging massively last week, regained momentum on first working day of the week.

During the intra-day trading, the local currency dropped nearly 0.08 percent in the interbank market and the dollar was being traded at 285.90.

In the open market, Pakistani rupee hovered between 302-305 against the dollar.

Last week, Pakistan's central bank permitted approved dealers to buy dollars on the interbank market in order to settle card-based cross-border transactions using International Payment Schemes (IPS).

The central bank announced in a notification on Wednesday, saying, "It is decided to allow authorised dealers to purchase USD from interbank for settlement of card-based cross-border transactions with IPS [such as Visa, Mastercard, etc.] in view of representations received from stakeholders."