Karachi June 1 2023: Dollar in the open market fall by 17 Rupees to 297 as State bank of Pakistan allowed settlement of card payments through interbank.
Dollar in the open market trades at 297 (PST 12:50) against yesterday rate of 314 rupees. In Interbank dollar appreciate by 35 paisa to trade at 285.12 (PST 12:50).
“Dollar is trading in the range of 290-295. This is the first time that dollar falls by 27 rupees in the history of the country. This decision will benefit pilgrims as now they can purchase dollars at 285 rupees” says Malik Bostan.
State Bank of Pakistan allow Authorized Dealers to purchase dollars from interbank for settlement of card based cross border transactions with international Payment System (IPS).
The new instructions are applicable with immediate effect till July 31, 2023.
As of yesterday (Wednesday May 31, 2023), gap between open market and interbank widen to 29 rupees against dollar due to surge in demand from pilgrims and credit card payments. Dollar is trading at 314.0 in the open market as compared with interbank closing of 285.47.
Earlier, the commercial banks are allowed to purchase from any exchange company for settlement of card based cross border transaction with International Payment System (IPS) such as Visa, Mastercard etc.
