Dollar rate drops to Rs 301, equals in interbank, open market

KARACHI: The US dollar (USD) goes down by 1.90 rupees in interbank this morning and trading at 301.05, ARY News reported on Monday.

“The greenback rate dropped by 1.90 rupees in interbank and trading at 301.05 Pakistani rupees,” Forex dealers said.

“The banks are selling dollar to importers at 301.55 Pakistani rupees,” currency dealers said.

Forex dealers have said that the dollar has dropped by one PKR in open market and trading at 301 rupees. “The US dollar rate has now been equal in interbank as well as in the open market,” dealers said.

Pakistani rupee (PKR) has made impressive recovery against the US dollar (USD) in recent days.

President Forex Association of Pakistan Malik Bostan earlier said that the US dollar will enter in the reverse gear mode and will drop to Rs 300.

It is pertinent to mention here that the caretaker government announced 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.

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