US dollar drops to Rs293.75 in interbank trading

KARACHI: The US dollar (USD) dropped by 1.15 Pakistani rupee (PKR) in interbank on Wednesday morning, ARY News reported.

The USD goes down by PKR 1.15 this morning and trading in interbank at Rs293.75.

The US dollar dropped below Rs300 in the interbank market last week as the rupee continued its upward trajectory, currency dealers said.

In August, the Pakistani rupee (PKR) had been witnessing a continuous devaluation. The buying and selling rates of the dollar in the open market were standing as high as Rs322 and Rs325 respectively.

The authorities have launched a crackdown against dollar hoarding and smuggling. The FIA and secret agencies being tipped to conduct raids at homes in crackdown on US dollars hoarding for recovery of the US currency.

According to sources, targeted homes have been pointed out with the help of the data gathered from exchange companies. “There are reliable reports that the dollar mafia has hoarded the greenback at homes after crackdown,” sources said.

“The agencies have a list of persons, who have purchased massive amount of the US currency,” sources said. “Those involved in hoarding dollars in homes would have to undergo jail terms,” sources confided.

After a crackdown against the currency mafia, US dollar has shed 31 Pakistani rupees in the open market.