Karachi: The US dollar on Thursday substantially decreased by Rs 11 in open market as the SBP allowed yesterday credit card settlement in the inter-bank rates.
With this appropriate reduction the greenback is being traded at Rs 300 in the open market.
On the other hand the US currency also witnessed decrease of 22 paisa in the inter-bank market.
Now the dollar closed at Rs 285.47 in the interbank market.
The sizeable number decrease in the US dollar happened after the State Bank of Pakistan (SBP) allowed yesterday credit card settlement in the interbank markets rate.
State Bank of Pakistan (SBP) yesterday allowed settlement of credit card through an inter-bank exchange rate.
The SBP has also issued letter in this regard. Before this all credit settlement was conducted through open market rate. The SBP said that now the credit cards settlement will be made through the inter-bank now.
The Secretary Exchange Companies (SEC) Zafar Paracha has lauded the initiative of the SBP.
Before this, dollars were bought from the exchange companies for bank credit, Zafar Paracha apprised. Now credit card settlement was conducted on the interbank rates.
He said that owing to the high demand of the credit cards the dollar prices were increasing while he added that the SBP has taken timely and correct decision.
With this measure of the SBP it is likely that dollar prices will decrease, Paracha said
