US dollar gains 13 paisa against rupee in interbank market

KARACHI: The dollar gains 13 paisa in interbank market on Monday morning and trading at Rs280.70, foreign exchange dealers said.

The banks are selling US dollar to importers at Rs281.20, according to currency dealers.

The US currency value in the open market increases 50 paisa and it is trading at Rs 282, 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.

The gap between interbank and open market exchange rates has remained within the limits allowed by the IMF. The US dollar has shed its value by over 50 rupees since 4 September after a crackdown on the illegal currency business and foreign currency smuggling to abroad.

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