US dollar gains Rs1.03 in interbank market; trading at 219.41

KARACHI: The greenback continues to make gains against the local currency as rupee has fallen to Rs219.41 against the US dollar in the interbank market. The State Bank of Pakistan (SBP) took to Twitter to announce that the rupee had lost 0.47 per cent of its value against the dollar.

Experts are attributing the rise in dollar’s value to its high demand among people who are travelling to the United Arab Emirates. The UAE has recently amended its tourist visa laws that state that people on visit visa must show at least AED5,000 to ensure that they can stay in the country on their own.

According to the Forex Association of Pakistan (FAP), the dollar was being traded at nearly Rs228 in the open market.

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