On Monday morning, the US dollar experienced a modest gain of 13 paisa in the interbank market, reaching a trading rate of Rs280.70, as reported by foreign exchange dealers.
Meanwhile, banks are offering the US dollar to importers at a slightly higher rate of Rs281.20, according to currency dealers. In the open market, the US currency saw a more substantial increase of 50 paisa and is now trading at Rs282, as shared by forex dealers.
The recent uptick in the value of the Pakistani rupee comes after a period of sustained depreciation. This positive trend began in the first week of September when state agencies initiated a crackdown against illegal currency businesses and the smuggling of US dollars. However, the rupee started the week on a slightly negative note in terms of exchange rates.
It’s worth noting that the gap between the interbank and open market exchange rates has remained within the limits allowed by the International Monetary Fund (IMF).
The US dollar has seen a significant decline in value, shedding over 50 rupees since September 4th, largely due to the crackdown on illegal currency operations and the smuggling of foreign currency abroad. Exchange rates briefly dropped to as low as Rs277 during this period, with intermittent minor fluctuations since then.
