US dollar sheds 1.12 rupees in interbank: dealers

KARACHI: The US dollar (USD) shed 1.12 rupees in interbank this morning and trading at 297.70 PKR, ARY News reported on Thursday.

“The greenback rate dropped by 1.12 rupees in interbank and trading at 297.70 Pakistani rupees,” Forex dealers said.

“The banks are selling dollar to importers at 298.30 Pakistani rupees,” currency dealers said.

USD has shed 9.40 rupees in interbank in eight trading sessions.

The dollar dropped by three rupees in open market and trading at 298 rupees.

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

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

President Forex Association of Pakistan Malik Bostan earlier said that the US dollar will enter in the reverse gear mode and will drop below Rs 300.

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

To combat dollar smuggling, hoarding, and organized crime, the government has decided to launch comprehensive crackdown.

Analysts said that the dollar price goes down after ongoing crackdown across the country to curb currency smuggling.

The US dollar went down below the interbank rate in the open market. USD was dropped by 4.00 rupees in open market and traded at 298 rupees till evening yesterday.

The dollar’s buying has been scarce, while sellers’ number has soared 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.