Rupee under pressure as SBP permits exchange companies to open: ECAP's Malik Bostan

KARACHI: The rupee remained under pressure as the State Bank of Pakistan (SBP) permitted exchange companies to open after more than two weeks of lockdown,  Exchange Companies Association of Pakistan (ECAP) Chairperson Malik Bostan said Wednesday.

Noting that the rupee remained under pressure, Bostan said the exchange companies faced challenges in transferring remittances from overseas Pakistanis due to the lockdown to contain the coronavirus — which has killed more than 60 people across the country — from spreading.

"Exchange companies help bring in $150 million every month and used to export various currencies to Dubai to bring in $10 million daily," the top ECAP official added.

"Now the rupee is under pressure due to exchange companies' supply issues and an outflow from Treasury bills," he noted, adding that it was a major reason why the US dollar was priced at Rs168 in the open market.