Dollar falls to PKR 217 in early interbank

trading on Oct 11, 2022

KARACHI: The US dollar plummeted to Pakistani Rupee (PKR) at 217 in early trading at interbank foreign exchange market on Tuesday, October 11, 2022.

The foreign currency lost 97 paisas against the local unit to trade at PKR 217 in early trade as compared with last day’s closing of 217.97 in the interbank foreign exchange market.

READ MORE: Rupee gains for 12th straight session; dollar ends at PKR 217.97

A day earlier, the local currency gained PKR 21.74 against the dollar during the last twelve straight sessions. The exchange rate reached to near record low of PKR 239.71 on September 22, 2022 to the dollar but ended at PKR 217.97 on October 10, 2022. Dar recently claimed that the actual value of the dollar is below PKR 200 and he vowed to bring it down.

The local unit gained PKR 1.95 to end at PKR 217.97 to the dollar from last Friday’s closing of PKR 219.92 in the interbank foreign exchange market.

READ MORE: Rupee gains for 11th session; dollar falls to PKR 219.92

The experts further said that tight monitoring of the State Bank of Pakistan (SBP) on foreign currency transactions helped the rupee to make gain.

Recently, the SBP had amended foreign exchange regulations with an objective to promote documentation and transparency in the foreign exchange transactions between exchange companies.

In terms of revised regulations, it has been made mandatory for Exchange Companies, Franchises of Exchange Companies and Exchange Companies of ‘B’ Category to settle Pakistan Rupee consideration of all foreign currency purchase/ sale transactions conducted among themselves through their bank accounts.

READ MORE: Dollar weakens by PKR 17.77 in 10 sessions amid tight monitoring on transactions

Besides, stress has been laid on ensuring that CCTV Systems of Exchange Companies and Exchange Companies of ‘B’ Category should be functional at all times (i.e. 24 hours a day and 7 days a week) as required under existing regulations.

However, in order to ensure transparency, it has been advised that Exchange Companies and Exchange Companies of ‘B’ Category shall not carry out any business activity during the period in which CCTV system is non-functional at any of their outlet for any reason, including technical faults, until the functionality of the CCTV system is restored.

READ MORE: PKR recovers against dollar for ninth consecutive session

Moreover, minimum preservation period of video recording through CCTV system has been enhanced from two to six months or until the inspection of the company by SBP, whichever is earlier.

This would ensure availability of CCTV recording for audit/inspection purposes, according to the SBP.

Meanwhile, the international oil prices also softened which helped the rupee to make gains.

The local currency witnessed the historic low at PKR 239.94 to the dollar on July 28, 2022

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