The State Bank of Pakistan has called an emergent meeting of exchange companies today (Friday) at 1600 hours. According to reliable sources, SBP''s late evening move resulted in immediate recovery of the Pak currency by one rupee ie Rs 65 to a dollar from 66 to a dollar on the open market.
Further, the UAE currency being purchased at Rs 18.32 also lost 20 paisas and it was later trading at Rs 18.12 for one UAE Dirham. The SBP is expected to impose same kind of restrictions on the export of forex cash presently allowed other than the US dollar, in order to raise availability of forex currency within the country. Sources said SBP is also expected to check undue volatility on open market and curb speculative moves against PKR.
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