Rupee gains 13 paisas against dollar as SBP issues anti-money laundering framework

KARACHI: The Pak Rupee gained 13 paisas against dollar on Thursday owing to guidelines issued by the central bank to prevent trade based money laundering.

The rupee ended at Rs155.89 to the dollar from previous day’s closing of Rs156.02 in interbank foreign exchange market.

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.

The foreign exchange market was initiated in the range of Rs155.95 and Rs156.00. The market recorded day high of Rs155.98 and low of Rs155.85 and closed at Rs155.89.

The exchange rate in open market witnessed no change in rupee value. The buying and selling of dollar was recorded at Rs155.70/Rs156.20, the same previous day’s level, in cash ready market.

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