Image: Pakistan Observer

Pakistani ruppee appreciated by Rs 11.5 against the US Dollar in the open market in the early hours of Thursday. According to analysts, the Rupee reached Rs. 299.5 after yhr central bank permitted banks to acquire US dollars from the interbank market for settling their card-based criss-border transactions with the International Payment System.

The State Bank of Pakistan (SBP) has clarified that this is a short-term strategy and will end on July 31st.

Zafar Paracha, General Secretary of Exchange Companies Association of Pakistan says, “The SBP made the right decision at the right time. It will bring down the open market dollar rate by up to Rs20-25. It will also help to narrow the huge gap between the interbank and the open market.”

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