Dollar goes down by Rs 2.48 in interbank, trading at 304.50

KARACHI: The US dollar (USD) goes down by 2.48 rupees in interbank this morning and trading at 304.50, ARY News reported on Thursday.

“The greenback rate dropped by two rupees in the open market and trading at 310 Pakistani rupees,” Forex dealers said.

Pakistani rupee (PKR) has made impressive recovery against the US dollar (USD) in the open market in three days, rising by Rs18 against the greenback, currency dealers said. “The banks selling the dollar to importers at Rs 305.70,” dealers said.

President Forex Association of Pakistan Malik Bostan has said that the US dollar will also enter in the reverse gear mode and will come down to Rs 300.

It is pertinent to mention here that the caretaker government has announced a crackdown against dollars smuggling following the identification of facilitators linked to government officials.

To combat dollar smuggling, hoarding, and organized crime, the caretaker government has decided to launch comprehensive crackdown.

The identification of facilitators and patrons among government officials has already taken place, and a list has been compiled for this purpose, sources said.

A day earlier, it was reported that the US Dollar (USD) rate dropped in the open market after an administrative crackdown and deployment of plain-clothed law enforcement personnel at exchange companies across the country.

“The law enforcement personnel monitoring dollars’ sale and purchase in exchange companies,” secretary exchange companies body Zafar Paracha has said.

Plain-clothed law enforcement personnel have been deployed on the premises of exchange companies across the country.

“We had requested to the administration to deploy plain-clothed officials outside the exchange companies,” President Forex Association of Pakistan Malik Bostan stated. “Our members had complained that the black mafia agents giving headache to them,” he said.

“These agents grab the people, coming to the exchange companies for dollars, outside the premises of the companies,” Bostan stated.