Pakistani rupee (PKR) continues its recovery as the US dollar (USD) dropped by 1.06 rupee in interbank trading on Monday, ARY News reported.
The rupee’s upward move against dollar comes on the back of a countrywide crackdown against illegal currency business by law enforcement agencies.
In August, the Pakistani rupee had witnessed continuous devaluation. The buying and selling rates of the dollar in the open market were reached as high as Rs322 and Rs325 respectively.
The greenback is being traded at Rs286.68 in the interbank and at 287.50 in the open market. Banks are selling dollars to importers at Rs287.13, according to the forex dealers.
During last week, the Pakistani rupee (PKR) gained 4.02 against the US dollar (USD) following the crackdown.
Read more : US dollar sheds 0.85 PKR, trading in interbank at Rs287.90
Other foreign currencies also lost their value in the open currency market. In a week Euro dropped by 9 rupees from 315 and sold at 306 Pakistani rupees.
British Pound Sterling lost 18 rupees and reached to 353 from 371 rupees.
Saudi Riyal dropped by 2.50 rupees to 76.20 from 78.70 rupees. Emirates dirham also shed three rupees to settle at 79.80 from 82.80 rupees at the weekend.
The Pakistani rupee gained against US dollar in the open market as gap with the inter-bank market continued to stay narrow and within the limits prescribed by the International Monetary Fund (IMF).
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