ISLAMABAD – Pakistani rupee experienced recovery in the interbank market, as the upward trajectory was attributed to permission given to currency exchange companies to import dollars from abroad.
During the intra-day trading on Thursday, the local currency appreciated by 0.21 percent, and settled at 286.45.
Data shared by the State Bank of Pakistan (SBP) shows the rupee moved up against the dollar by Re0.59.
Earlier this week, the rupee remained under pressure for more than seven successive sessions due to the high demand for dollars as the government ended restrictions on the opening of Letters of Credit (LCs) that was previously halted in the wake of the dollar crunch.
With the latest development, Exchange Companies in Pakistan can import US Dollars against the value of their export consignments of permissible foreign currencies within five working days, through reputed cargo security companies.
