Additionally, the FBR officials declared that there would be harsh penalties and repercussions for those who disobey the aforementioned rules. A 5% penalty of the entire asset value will be imposed on those who use cash transactions to purchase properties worth more than $5,000,000, subjecting them to severe fines.
It is crucial to note that in order to avoid fines and penalties, investors and property purchasers must adhere to the new rules and make purchases in accordance with the guidelines set forth by FBR.
Today was the third day in a row that the rupee closed lower. In anticipation of some positive news when the International Monetary Fund visits Pakistan next week for the economic review of the $3 billion stand-by arrangement (SBA), traders said the forex market is adjusting to trends.
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Since September 4th, the difference in rates between interbank and open market has decreased by Rs. 61. The rates started at 278 and have since experienced sporadic spikes until reaching 280 today.
The rupee has declined significantly since January 2023, losing almost Rs. 63. It has decreased by more than Rs. 110 versus the US dollar since April 2022. The PKR has dropped 45 paisas in value relative to the US dollar based on today’s exchange rate fluctuations.
In today’s interbank market, the PKR was weaker than some of the other major currencies. It dropped against the Australian Dollar (AUD), Saudi Riyal (SAR), and UAE Dirham (AED), each by nine, twelve, and twelve paisas.
On the other hand, in today’s interbank currency market, it gained Rs. 2.53 against the British Pound (GBP), 87 paisas against the Euro (EUR), and 55 paisas against the Canadian Dollar (CAD).
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