The Pakistani rupee massively appreciated against the dollar in the open market on Thursday after the State Bank of Pakistan allowed the banks to buy dollars at the interbank market rate to settle international credit card payments.
“This is for the first time in Pakistan that the dollar rate has fallen by Rs27,” Malik Bostan, Chairman Exchange Companies Association of Pakistan, said and congratulated Finance Minister Ishaq Dar and the SBP governor.
Bostan was all praise for Dar for taking prompt action on his advice that helped the rupee gain sharply versus the dollar.
The moneychangers’ trade body head said that commercial banks were purchasing dollars from the open market at a high rate for credit card settlements.
