KARACHI: The US dollar slipped to Pakistani Rupee (PKR) by 1.57 to PKR 218.35 in early day trade on Monday October 10, 2022 in interbank foreign exchange market.
The dollar is being traded at PKR 218.35 as compared with last Friday’s closing of PKR 219.92 in interbank foreign exchange market.
READ MORE: Rupee gains for 11th session; dollar falls to PKR 219.92
The exchange rate witnessed an appreciation of 19.79 in rupee value against the dollar during the last 11 straight sessions ended on Friday October 7, 2022.
The exchange rate reached to near record low of PKR 239.71 on September 22, 2022 to the dollar but ended at PKR 219.92 on October 07, 2022. Dar recently claimed that the actual value of the dollar is below PKR 200 and he vowed to bring it down.
The experts further said that tight monitoring of the State Bank of Pakistan (SBP) on foreign currency transactions helped the rupee to make gain.
READ MORE: Dollar weakens by PKR 17.77 in 10 sessions amid tight monitoring on transactions
Recently, the SBP had amended foreign exchange regulations with an objective to promote documentation and transparency in the foreign exchange transactions between exchange companies.
In terms of revised regulations, it has been made mandatory for Exchange Companies, Franchises of Exchange Companies and Exchange Companies of ‘B’ Category to settle Pakistan Rupee consideration of all foreign currency purchase/ sale transactions conducted among themselves through their bank accounts.
Besides, stress has been laid on ensuring that CCTV Systems of Exchange Companies and Exchange Companies of ‘B’ Category should be functional at all times (i.e. 24 hours a day and 7 days a week) as required under existing regulations.
READ MORE: PKR recovers against dollar for ninth consecutive session
However, in order to ensure transparency, it has been advised that Exchange Companies and Exchange Companies of ‘B’ Category shall not carry out any business activity during the period in which CCTV system is non-functional at any of their outlet for any reason, including technical faults, until the functionality of the CCTV system is restored.
Moreover, minimum preservation period of video recording through CCTV system has been enhanced from two to six months or until the inspection of the company by SBP, whichever is earlier.
READ MORE: PKR maintains winning streak against dollar on 8th straight session
This would ensure availability of CCTV recording for audit/inspection purposes, according to the SBP.
Meanwhile, the international oil prices also softened which helped the rupee to make gains.
The local currency witnessed the historic low at PKR 239.94 to the dollar on July 28, 2022.
