KARACHI: The US dollar gained traction on the first business day of the week after sharply declining the previous week.
The local currency decreased by around 0.08 percent in the interbank market during intraday trading, and the dollar was trading at 285.90.
The open market price of the Pakistani rupee was 302-305 per dollar.
The International Payment Schemes (IPS) were used by Pakistan’s central bank last week to settle card-based cross-border transactions. To do this, authorized dealers were allowed to purchase dollars on the interbank market.
The central bank said in a statement that “it has been decided, in light of representations received from stakeholders, to permit authorized dealers to purchase USD from interbank for settlement of card-based cross-border transactions with IPS [such as Visa, Mastercard, etc.]”