Dollar further drops to PKR, trading in interbank at Rs289.78

KARACHI: The Pakistani rupee (PKR) continued its merry run against US dollar (USD) in currency market on Tuesday morning, ARY News reported.

“The USD goes down by 1.08 PKR and trading in interbank at Rs289.78”, foreign exchange dealers have stated.

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

The greenback dropped by 0.50 rupee and trading in open market at 292.50 Pakistani rupees, foreign exchange dealers further said.

The Pakistani rupee improving against the US dollar in the open market as gap with the inter-bank market continued to stay narrow and within the prescribed limit set by the International Monetary Fund (IMF).

The rupee has been on an upward trajectory in September, which comes on the back of a countrywide crackdown against illegal exchanges and currency smugglers by the law enforcement agencies.

The State Bank of Pakistan also announced structural reforms, directing commercial banks to establish their own exchange companies as fully owned subsidiaries.

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.