ISLAMABAD – Pakistani rupee continued its upward momentum against the US dollar, gaining Rs1.01 in interbank and during the opening hours of trading in the inter-bank market.
The local currency extended its appreciation run against the greenback and was hovering at 278.50, an increase of Rs1.01, in the inter-bank market.
In previous sessions, the local unit continued moving up and settled at 279.51.
In open market, the rupee advanced its winning momentum. Rates from currency dealers suggest that PKR was quoted at 279 for selling and 276 for buying purposes for customers.
The recent upward trajectory is the longest appreciation run seen by Pakistani currency against the USD as authorities tightened the noose on the smuggling and hoarding of foreign currency.
Lately, State Bank of Pakistan suspended the authorisation of five Exchange Companies B Category till further orders due to serious violations of the central bank’s regulations and instructions.
It has suspended the autorisation of M/s International Exchange Company –B (Pvt) Limited, M/s World Wide Exchange Company –B (Pvt) Limited, M/s World Exchange Company –B (Pvt) Limited, M/s Universal Exchange Company –B (Pvt) Limited and M/s United Exchange Company –B (Pvt) Limited.
