LAHORE MIRROR — The rupee rose sharply against the US dollar in the open market on Thursday, gaining Rs11.5 to reach Rs299.5.
Analysts said the rise in the value of the rupee came after the State Bank of Pakistan (SBP) allowed banks to acquire US dollars from the interbank market for the settlement of card-based cross-border transactions with the International Payment System.
The SBP issued a circular on Wednesday, which indicates that this is a short-term move as the permission granted to banks will end on July 31.
