Dollar retreats after import restrictions

Dollar retreats after import restrictions

KARACHI: The US dollar retreated against Pak Rupee (PKR) on Friday after touching a record high at Rs170.66 a day earlier, which may be attributed to the imposition of import restrictions.

The rupee ended Rs170.48 to the dollar from the previous day’s closing of Rs170.66 in the interbank foreign exchange market.

A day earlier, the State Bank of Pakistan (SBP) announced a 100 percent cash margin requirement on an additional 114 items.

Currency experts said import restriction had been the reason for today’s rupee recovery. However, widening of deficit in current account due to rising import bills will remain a concern for rupee value.

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