Dollar trading at PKR 298 in open market: Forex dealers

KARACHI: The US dollar (USD) dropped below 300 rupees in interbank this morning and trading at 299.60, ARY News reported on Tuesday.

“The greenback rate dropped by 1.56 rupees in interbank and trading at 299.60 Pakistani rupees,” Forex dealers said.

“The banks are selling dollar to importers at 300.10 Pakistani rupees,” currency dealers said.

Forex dealers have said that the dollar has been trading in open market at 298 rupees.

Pakistani rupee (PKR) has made impressive recovery against the US dollar (USD) in recent days. “The USD has dropped by 7.50 rupees in interbank in six trading sessions,” currency dealers said. The dollar has shed 30 rupees in the open market, dealers stated.

The US dollar rate yesterday dropped to equal in interbank as well as in the open market.

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