Friday, October 22, 2021

Dollar soars, price reaches record high

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KARACHI: The rupee depreciated again in the interbank and open market while the dollar appreciated.

According to ARY News, on Thursday, the fourth day of the business week, the rupee was once again overshadowed by the Interbank Foreign Exchange (IFEX).

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The dollar continued to soar in the interbank market and reached the highest level in the history of Pakistan by the close of the market on October 14, 2021.

According to the SBP, the dollar rose by 7 paise to close at Rs 171.20 in the interbank market.

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On the other hand, the buying rate of the dollar in the open market was 171 rupees 40 paise while the selling price was 172.65 paise. In the open market, the dollar closed at Rs 172.65 after gaining 58 paise.

It may be recalled that due to rising demand for the dollar, prices are rising, to control which the State Bank of Pakistan has introduced rules and regulations for foreign currency trading institutions.

The State Bank of Pakistan has directed companies buying and selling foreign currency, especially in dollars, to use foreign currency instead of rupees for transactions.

The State Bank of Pakistan has also imposed a dollar ban on those traveling to Afghanistan, allowing anyone to carry ڈالر 1,000, with an annual limit of ہزار 6,000.

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