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Rupee rises against US Dollar on 1st June

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  • Post category:Business / Economy
  • Post last modified:02/06/2023
  • Reading time:2 mins read

KARACHI: As the SBP allowed banks to get greenbacks from the interbank market for the settlement of card-based cross-border transactions with IPS, the rupee rose against dollar gaining Rs. 13 and closed at Rs. 298 on Thursday (1st of June, 2023).

Pak Rupee and US Dollars
Pak Rupee and US Dollars

It is pertinent to mention here that the SBP’s Wednesday (31st of May, 2023) circular had made it clear that the banks were provided the facility only till 31st day of July, 2023.

Savants at the helm of affairs are of the view that the SBP move will help to narrow the huge gap between the open market and the interbank. Rate of the greenbacks is expected to further plummet.

Moreover, it may be recalled that all the intended pilgrims going to perform Hajj were told that in case of paying by means of dollars they will not have to go through the blotting. Hence an enormous amount of dollar was purchased by them.

M M Alam

M. M. Alam is a Pakistan-based working journalist since 1981. Karachi University faculty gold medalist Alam began his career four decades ago by writing for Dawn, Pakistan’s highest circulating English daily. He has worked for region’s leading publications, global aviation periodicals including Rotors (of USA) and vetted New York Times as permanent employee of daily Express Tribune. Alam regularly covers international aviation and defense-related events including Salon Du Bourget (France), Farnborough (United Kingdom), Dubai (UAE). Alam has reported thousands of events and interviewed hundreds of people in Pakistan, UAE, EU, UK and USA. Being Francophone Alam also coordinates with a number of French publications.