The United States (US) dollar continued its surge against the Pakistani rupee in the inter-bank currency market on Thursday. According to forex dealers, the greenback appreciated 4 paisas against the local unit, touching another record high at Rs171.
The US dollar has appreciated Rs18.72 against the rupee in the interbank market over the past five months as it stood at Rs152.28 as of May 7, 2021.
On Wednesday, the State Bank of Pakistan (SBP) introduced regulatory measures to enhance transparency in the foreign currency transactions by exchange companies and to curb undesirable outflow of cash foreign currency.
According to guidelines shared by the SBP, persons travelling to Afghanistan will be allowed to carry only US$1,000 per person per visit with a maximum annual limit of US$6,000.
Exchange companies will be required to conduct biometric verification for all foreign currency sale transactions equivalent to US$500 and above and outward remittances and it would be applicable with effect from October 22.
The SBP further directed that exchange companies will sell the cash foreign currency and make outward remittances, equivalent to US$10,000 and above, against receipt of funds through cheque or banking channels only.