Rupee gains 11 paisas against dollar in early trade

KARACHI: The Pak Rupee gained 11 paisas against dollar in early trade on Thursday owing to guidelines issued by the central bank to prevent trade based money laundering.

The exchange rate was recorded at Rs155.91 to the dollar in early trade in interbank foreign exchange market. The rupee ended Rs156.02 to the dollar in last day trading.

The SBP on October 15, 2019 issued framework to create deterrence against money laundering and terror financing through trade related transactions.

The central bank made it mandatory for banks to ensure customers due diligence while approving export or import forms for issuance of amount.

On the other hand the government also launched crackdown against hoarding of the US dollar. In this connection a day earlier the Federal Board of Revenue (FBR) issued notices to foreign exchange companies to provide information of those persons who purchased dollars during recent past.

The government believed that many persons had purchased dollars but kept the foreign currency on hope of further depreciation of the local currency.

The market sources said that falling import bill was another component for rupee appreciation.

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