US dollar sheds 6.10 rupees in interbank trading in week

KARACHI: The US dollar (USD) continued its downward trajectory against rupee at the end of the week amid administrative crackdown against smuggling of the greenback, ARY News reported on Saturday.

USD sheds value against the Pakistani rupee (PKR) in interbank and open market trading. The dollar shed 6.10 rupees in interbank trading and dropped to Rs296.85 from 302.95 rupees.

Pakistani rupee (PKR) gained Rs1.11 against the US dollar in the interbank trading and closed at Rs296.85 as compared to the previous day’s rate, Rs297.97.

According to the forex dealers, the greenback is being traded at Rs298 in the open market, whereas the banks traded the greenback to importers at Rs297.35.

Pakistani rupee also strengthened in the open market trading in the week as USD dropped by seven rupees to 297 PKR from 304 rupees.

The dollar’s downward movement has also affected other currencies as the Euro dropped one rupee in the week and trading at 324 from earlier 325 rupees.

British Pound dropped by two rupees in the week from 381 to 379 rupees, Saudi riyal by 1.10 rupee to 79.70 PKR, Emirate dirham by 2.30 rupees from 85.30 rupees to 83 Pakistani rupees.