US Dollar sheds more value against PKR

KARACHI: Pakistani rupee (PKR) continues its merry run as US dollar (USD) dropped by 4.02 rupee in interbank trading this week amid crackdown against hoarding and smuggling, ARY News reported.

The greenback was closed at 291.76 rupee in previous week. It lost 4.02 rupees in interbank trading this week and closed at 287.74 rupee.

The US currency consistently going down against Pakistan rupee in open market for last few weeks since beginning of September. In a week USD dropped by 5.50 rupee in the open market from 293.50 to 288 PKR.

Other foreign currencies also shedding their value in open currency market, as US dollar going down. 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 gaining 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).

The rupee’s upward move against dollar comes on the back of a countrywide crackdown against illegal currency business by the law enforcement agencies.

The State Bank of Pakistan has also directed commercial banks to establish their own exchange companies as fully owned subsidiaries.

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.