The US dollar (USD) fell below 300 rupees in interbank trading this morning and is currently trading at 298.30 PKR.
“The greenback rate dropped by 1.59 rupees in interbank trading and is currently trading at 298.30 Pakistani rupees,” forex brokers said.
“Banks are selling dollars to importers for less than 300 Pakistani rupees,” currency dealers reported.
In recent days, the Pakistani rupee (PKR) has made an amazing rebound versus the US dollar (USD).
According to forex brokers, the US dollar has dropped below Rs300 in the interbank market as the rupee continues to rise.
Malik Bostan, President of the Forex Association of Pakistan, had stated that the US dollar will enter reverse gear and fall below Rs 300.
It is worth noting that the caretaker government announced a crackdown on currency smuggling after identifying facilitators related to government personnel.
The caretaker government has resolved to conduct a broad crackdown to tackle dollar smuggling, stockpiling, and organised crime.
According to sources, the identification of facilitators and patrons among government personnel has already occurred, and a list has been established for this purpose.
The USD fell further today, with a drop of Rs7.21 in the interbank market and Rs30 in the open market in the previous six trading sessions.
According to analysts, the dollar’s value has dropped as a result of continuous crackdowns across the country to combat cash smuggling.
The US dollar (USD) dropped below the interbank rate in the open market yesterday. In the open market, the USD fell by 4.00 rupees and was trading at 298 rupees by the evening.
Buyers of the dollar have been limited, while sellers have increased in exchange companies.
The Pakistani rupee (PKR) has been continuously devalued since August. The open market buying and selling rates for the dollar were Rs322 and Rs325 respectively.