us dollar loses value against pakistani rupee in interbank trading
In a significant development, the US dollar has become less valuable when traded for Pakistani rupees. During Monday’s Morning trading, the dollar’s worth dropped by a Substantial Rs 1.22, going from Rs 277.62 to Rs 276.40, as reported by foreign exchange experts.
The Decline in the dollar’s value was not limited to interbank trading. In the open Market it also fell by Rs 1.00, now trading at Rs 276 instead of the previous Rs 277. Currency dealers confirmed that banks are now selling the dollar to importers at a rate of Rs 276.80.
This recent Change indicates that the US dollar has Weakened and this drop in its value has affected other Foreign Currencies as well. The Shift in Currency values follows the Pakistani rupee’s Strengthening trend which started in early September.
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In other news the State Bank of Pakistan (SBP) took significant Regulatory actions last week. The central bank Suspended the authorization of Five Exchange Companies due to their violation of Regulatory Guidelines. These companies which fall into the B-Category have Temporarily lost their Authorization awaiting further instructions. The SBP’s decision came as a Response to the companies serious violations of Regulations and instructions. The five exchange companies affected by this suspension are International Exchange Company–B (Pvt) Limited, World Wide Exchange Company –B (Pvt) Limited, World Exchange Company –B (Pvt) Limited, Universal Exchange Company –B (Pvt) Limited, and United Exchange Company –B (Pvt) Limited.
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These Developments in Currency value and Regulatory actions by the SBP Reflect ongoing Changes in Pakistan’s financial landscape influencing how Exchange Rates and financial Markets operate in the Country.