Finance

 

Financial News

According to FAP, the greenback was trading around Rs201.45 per USD around 11:50am when it lost 55 paise against the previous day's closing rate of Rs202. (the FAP's closing rate is lower than the official exchange rate of Rs202.85 released by the State Bank). Exchange companies association of Pakistan general secretary Zafar Paracha said that the rejection of reports by government and SBP about restricting foreign currency accounts as a cause of rupee's recovery. He added that prime minister shehbaz sharif had ordered the SBP to take strict action against banks involved in satta bazi (speculation) which had led to a fall in the dollar's rate. Bostan also pointed out the government had assured that they will be taking tough decision in the upcoming budget to cap imports and in turn reduce the dollar's value.