US dollar drops by Rs1.16, trading at 280.49 in interbank

KARACHI: The Pakistani rupee (PKR) continuing to to recover the lost ground against the US dollar in the interbank market on Tuesday morning, ARY News reported.

According to the Forex dealers, the rupee gained Rs1.16 against the US dollar and trading at Rs280.49 in the interbank.

The banks selling dollar to importers at Rs280.84, currency dealers said.

In the open market, greenback depreciated by one rupee and being sold at Rs279.50 in the morning trade.

Amid a crackdown against dollar smuggling the US currency has shed 26.61 rupee in interbank trading since September 05, dealers stated.

The US dollar has dropped by Rs48.50 in the open market since Sept. 05.

Last week USD dropped to its lowest level in six months against rupee and closed at 282.69 rupee.

With Pakistani rupee’s surge against US dollar in the open market, gap with the inter-bank market continued to stay narrow and within the limits prescribed by the International Monetary Fund (IMF).

The rupee’s merry run against dollar comes on the back of a countrywide crackdown against illegal currency business and smuggling.