The Pakistani Rupee appreciated against the US Dollar today after the State Bank of Pakistan imposed regulations to restrict the flight of dollars to Afghanistan.
It gained 09 paisas against the US Dollar (USD) and closed at 170.87 today after sinking to a record low yesterday.
The State Bank of Pakistan imposed restrictions on individuals and currency exchange companies on Thursday to control the outflow of dollars and other foreign currencies to Afghanistan.
The flight of dollars from Pakistan to Afghanistan is one of the reasons why the Pakistani Rupee (PKR) depreciated against the USD over the last few months.
I/B MARKET
SBP after imposing restrictions on CAR financing & then 100% CASH MARGIN on 114 items have amended Exchange Companies Rules to have better grip on outflow of currencies that may not be enough. It is time to take FISCAL MEASURES before ALL MONETARY TOOLS get EXHAUSTED.
— Asad Rizvi (@asadcmka) October 7, 2021
The former Treasury Head of Chase Manhattan Bank, Asad Rizvi, opined that the State Bank of Pakistan’s actions may not be enough to control the rupee-dollar disparity.
Besides this, the prices of liquified natural gas soared by 40 percent to a historic high of $56.3 per million on Wednesday.
The PKR also gained two paisas each against the Saudi Riyal (SAR) and the United Arab Emirates Dirham (AED).
Meanwhile, it lost one paisa against the Euro, 28 paisas against the Pound Sterling (GBP), 99 paisas against the Australian Dollar (AUD), and 59 paisas against the Canadian Dollar (CAD).
