US dollar sheds 13 paisa in interbank market, trading at Rs279.30

KARACHI: The dollar shed 13 paisa in interbank market on Wednesday morning and trading at Rs279.30, foreign exchange dealers said.

The banks are selling US dollar to importers at Rs279.80, according to currency dealers.

The dollar trading at 281.50 rupees in open market, forex dealers said.

After a prolonged weak patch, Pakistani rupee’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. Traders said the forex market struggled to carry last week’s momentum.

The gap between interbank and open market rates is down by Rs. 60 since 4 September. The rates have gone down to as low as Rs277 and have since continued brief spikes to 281.50 today.