PKR continues to gain ground against US dollar in interbank

The US dollar (USD) dropped by 0.96 Pakistani rupee (PKR) in interbank and trading at 290.80 rupees on Monday.

“The USD goes down by 0.96 PKR this morning and trading in interbank at Rs290.80”, foreign exchange dealers have stated.

The banks selling US dollar to importers at Rs290.20, currency dealers said.

The greenback trading in open market at 293.50 Pakistani rupees, foreign exchange dealers further said.

In August, the Pakistani rupee had been witnessing a continuous devaluation. The buying and selling rates of the dollar in the open market were standing as high as Rs322 and Rs325 respectively.

The authorities launched a countrywide crackdown against dollar’s hoarding and smuggling. There were reports that the FIA and secret agencies will also conduct raids at homes in crackdown on US dollars hoarding for recovery of the US currency.

The dollar has been on a downward trajectory against Pakistani rupee after a crackdown against the currency mafia and shed over 34 Pakistani rupees in the open market.

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