KARACHI: The US dollar weakened against the Pakistani Rupee (PKR) for the 10th consecutive sessions on Thursday amid tight monitoring of foreign currency transactions.
The exchange rate witnessed an appreciation of 17.77 in rupee value against the dollar during the last 10 straight sessions.
READ MORE: PKR recovers against dollar for ninth consecutive session
On Thursday the local currency gained PKR 2 to end at PKR 221.94 against the dollar from previous day’s closing of PKR 223.94 in the interbank foreign exchange market.
The exchange rate reached to near record low of PKR 239.71 on September 22, 2022 to the dollar but ended at PKR 221.94 on October 06, 2022.
Currency experts said that tight monitoring of the State Bank of Pakistan (SBP) on foreign currency transactions helped the rupee to make gain.
READ MORE: PKR maintains winning streak against dollar on 8th straight session
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 continues upward journey for seventh consecutive session against dollar
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: Rupee gains for sixth straight session against dollar; recovers PKR 11.26
This would ensure availability of CCTV recording for audit/inspection purposes, according to the SBP.
Besides, currency experts said that the rupee was appreciating against the dollar due to positive sentiments following assumption of Ishaq Dar as the finance minister. Dar recently claimed that the actual value of the dollar is below PKR 200 and he vowed to bring it down.
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.
