KARACHI : Dec 5,2022: All other currencies stayed either stable in interbank or they showed slightly downward trend, but pound sterling maintained its gaining steak on the first working day of the current week.
Pound sterling is gaining massively for the last around one week. It again jumped up by Rs 1 and pegged at Rs 290 on the first day of the week.
US dollar shed its value slightly . It settled at 223.70 against its last Friday value of Rs 223.70 in interbank.
Saudi Riyal and UAE Dirham remained stable at its last Friday value of Rs 63 and Rs 65 to a rupee.
In open market there was no major chance in value of any major currency . US dollar opened and closed at Rs 229.25.
Since Pakistan’s risk of default on the bond payment is over its expected that the local currency will perform better in coming days and gain value against US dollar .
Pakistan has made $ 1 billion payment of its bond maturity and its reserves have been going up with better exports and introduction of some regulatory restrictions on online payments .
The State Bank of Pakistan (SBP) has withdrawn an unlimited online payment facility and restricted it to $ 30000 per person per year.
The SBP regulatory tightening will surely help stop flying of Forex currency from Pakistan against online shopping of luxurious items .
