SBP tightens dollar procurement law to curb speculation (Photo: File)
Karachi: Due to the measures taken by the SBP, the value of the dollar remained under control and in the open market the value of the dollar fell below the level of Rs. 180.
According to Express News, the SBP’s new measures against dollar speculation have come to fruition, with foreign exchange rules being tightened and factors such as a ban on selling foreign exchange worth more than ہزار 10,000 per person in the interbank market on Monday. The value of the dollar remained under control after minor fluctuations while in the open market the value of the dollar fell sharply to Rs 180.
At the start of trading in the interbank market, demand for the import sector led to a flight of the dollar, which at one point increased the value of the dollar by 22 paise to a new high of Rs 178.25. The recovery was observed as a result of which the dollar closed unchanged at Rs 178.03 in the interbank market at the close of business.
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The SBP has set a limit of 70 70,000 per annum for remittances for education and 50 50,000 per invoice for overseas treatment. Due to such factors, the value of the dollar in the open currency market suddenly closed at the level of Rs 1.50 to Rs 180.