US dollar drops to lowest in six months against rupee

KARACHI: Pakistani rupee (PKR) continues its upward move as US dollar (USD) dropped to its lowest level in six months, ARY News reported on Saturday.

Amid crackdown against dollar smuggling the US currency shed 5.50 rupee in interbank trading this week.

The greenback was closed at 282.69 rupee in a week. It lost 5.50 rupees in interbank trading while the greenback was closed at 287.74 rupee in previous week.

In the open market US dollar dropped by 6.50 rupees to close at 281.50 from 288 rupees.

The US currency consistently going down against Pakistan rupee in open market for last few weeks since beginning of September.

Other foreign currencies also shedding their value in currency market, along the US dollar. In a week Euro dropped by 8 rupees from 306 to 298 Pakistani rupees.

British Pound Sterling lost five rupees and reached to 248 from 353 rupees in a week.

Saudi Riyal dropped by one rupee from 76.20 to 75.20 rupees.
Emirates dirham also shed 2.60 rupees to settle at 77.20 from 79.80 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.