The US Dollar continued its downward trend against the Pakistani Rupee and reached Rs282.30 by losing 23 paisas in the interbank trading on Tuesday—the first trading day after the Christmas holiday.
In the open market, the price of the dollar reached Rs283.75 after a decrease of 25 paisas.
The Exchange Companies Association of Pakistan (ECAP) commends the State Bank of Pakistan's efforts for exchange rate stability and the introduction of a mechanism for calculating open market exchange rates.
Zafar Paracha, General Secretary ECAP, expresses hope that this initiative will enhance transparency and authenticity in the open currency market exchange rates for foreign currencies. Paracha acknowledges the SBP's noteworthy reforms for Exchange Companies and exchange rates, emphasizing ECAP's full support for these measures.
The SBP recently announced a mechanism for the issuance/publication of end-of-day daily open market exchange rates for six major currencies by ECAP, including USD, euro, pound sterling, Japanese yen, UAE dirham, and Saudi riyal.
