KARACHI: The Pakistani rupee surges high against the United States (US) dollar in early trade in the interbank currency market on Friday.
According to foreign currency dealers, the local unit increased by 67 paisas to Rs174 against the greenback. The rupee had closed at Rs174.67 against the US dollar the other day.
In the open market, however, the dollar is trading at Rs174.50 against the local currency.
The rupee snapped losing streak after the State Bank of Pakistan (SBP) took notice of alleged involvement of bankers in rupee devaluation.
SBP Governor Reza Baqir met the heads of commercial banks on Thursday and informed them of their employees’ alleged involvement in encouraging large-scale buying of dollars, causing rupee fall.
Governor Baqir directed the banks to take stringent action against the employees found involved in such practices besides monitoring the computers and phone records of the suspicious employees.
