Dollar trading at PKR 280.28 in open market, 279.78 in interbank

KARACHI: The dollar sheds 10 paisa in interbank market on Thursday morning and trading at Rs279.78, foreign exchange dealers said.

The banks are selling US dollar to importers at Rs280.28, according to currency dealers.

The US currency trading at 280.28 rupees in the open market, forex dealers shared.

After a prolonged losing patch, Pakistani currency’s value started moving upward in the first week of September as the state agencies launched crackdown against illegal currency business and smuggling of US dollars.

The rupee opened the week in the negative. Traders said the forex market struggled to carry last week’s momentum.

The gap between interbank and open market exchange rates has remained within the limit allowed by the IMF. The US dollar has shed its value by Rs. 60 since 4 September after a crackdown on the illegal currency business and its smuggling to abroad.

The rates have gone down to as low as Rs277 and have since continued brief spikes to 280.28 today.