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business
Wednesday Apr 08 2020
By
Web Desk

Rupee under pressure as SBP allows exchange companies to re-open

By
Web Desk
Geo.tv/Files

KARACHI: The State Bank of Pakistan (SBP) has allowed exchange companies to resume operations after more than a fortnight-long lockdown, Exchange Companies Association of Pakistan (ECAP) Chairperson Malik Bostan announced on Wednesday.

Noting that the rupee remained under pressure, Bostan said the exchange companies were facing challenges in transferring remittances from overseas Pakistanis due to the nationwide lockdown.

"Exchange companies help bring in $150 million every month and used to export various currencies to Dubai to bring in $10 million daily," the top ECAP official added.

"Now the rupee is under pressure due to exchange companies' supply issues and an outflow of Treasury bills," he noted, adding that it was a major reason why the US dollar was priced at Rs168 in the open market.