The US dollar’s rally against the Pakistani rupee resumed on Thursday, reaching a new high in the interbank currency market.
The greenback finished at Rs171.20 versus the local currency, up 7 paisas from the previous close of Rs171.13, according to the State Bank of Pakistan (SBP).
Despite a variety of steps taken by the State Bank to relieve the pressure on the exchange rate, rising demand for the US dollar is driving up its value.
Previously, the central bank implemented regulatory steps to improve transparency in foreign currency transactions by exchange businesses and to reduce unwanted cash outflows.
According to State Bank of Pakistan rules, visitors to Afghanistan would be limited to carrying just US$1,000 per person every visit, with a total yearly restriction of US$6,000.
For all foreign currency selling transactions of $500 or more, as well as external remittances, exchange businesses will be obliged to perform biometric verification, which will take effect on October 22.