Rupee likely to strengthen

The rupee is likely to strengthen against the dollar next week due to ease in the demand for import payments, dealers said.  The dealers said that the change in procedure for consignment clearance reduced the dollar demand.

The State Bank of Pakistan (SBP) and Pakistan Customs have jointly launched mandatory requirement of Electronic Import Form (EIF) from September 1, under which without proof of payment no goods clearance would be done by the Customs authorities.