Banks sending dollars out via credit cards:
KARACHI: Amid the daily dollar rate appreciation, banks have doubled their buying of the US currency and are sending it abroad via credit cards while the government grapples to control greenback outflows.
The State Bank of Pakistan (SBP) on Friday reported the closing price of the dollar at Rs236.84, an increase of 96 paise compared to the previous day’s rate of Rs235.88.
The dollar has a strong grip over the exchange rate and the clutch is getting stronger each day amid falling foreign exchange reserves and higher imports.
The open market reported the dollar price at Rs241 on Friday, which was almost the same as on Thursday. Currency dealers said finding dollars and other currencies is difficult since demand is very high.
Credit:DAWN NEWS
