US dollar rate drops to 295.90 PKR in interbank: dealers

KARACHI: The US dollar (USD) dropped 0.95 rupee in interbank on Monday morning and trading at 295.90 PKR, ARY News reported.

“The greenback rate dropped by 0.95 rupee in interbank and trading at 295.90 Pakistani rupee,” Forex dealers said this morning.

The dollar trading at 297 rupees in the open market, currency dealers said. Forex dealers buying US dollar at 290 rupees in open market.

“The banks are selling dollar to importers at 296.40 Pakistani rupees,” currency dealers said.

The dollar was closed in the interbank at 296.85 PKR on Friday, currency dealers stated.

Pakistani rupee (PKR) has made impressive recovery against the US dollar (USD) in recent days.

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

It is pertinent to mention here that the caretaker government announced crackdown against dollars smuggling following identification of facilitators linked to government officials.

To combat dollar smuggling, hoarding, and organized crime, the caretaker government has launched a crackdown.

The dollar’s buying has dipped, while sellers’ number soaring in exchange companies.

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 at Rs322 and Rs325 respectively.