USD to PKR: US Dollar drops below Rs300

The rupee (PKR) further regained its strength against the US dollar on Tuesday as the USD dropped before Rs300 in the interbank market, ARY News reported.

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

PKR closed at Rs299.89 in the interbank market after gaining the strength of Rs1.27 against the dollar as compared to the previous close of Rs301.6, the State Bank of Pakistan (SBP) said.

Interbank closing #ExchangeRate for today https://t.co/gLqvViOYEz#SBPExchangeRate pic.twitter.com/PglsNwy7o6

— SBP (@StateBank_Pak) September 12, 2023

In the open market, the greenback was being sold at Rs298.

Related: USD: US Dollar sinks ahead of US inflation reading

The USD recorded another decline today followed by a decline of Rs7.21 in the interbank and Rs30 in the open market in the six trading sessions.

Analysts said that the dollar price was reduced after ongoing crackdowns across the country to curb currency smuggling.

Yesterday, the US dollar (USD) 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.

Related: USD gains Rs 0.17 against Pakistani rupee

“The greenback rate dropped by 2.35 rupees in interbank and trading at 300.60 Pakistani rupees,” the forex dealers said.

The banks sold USD to importers at 301.05 Pakistani rupees. The US dollar rate was at parity in the interbank as well as in the open market.

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 and witnessed a Rs1.35 drop against the US dollar (USD) in the interbank trading and closed at Rs305.80.

In the previous month, the buying and selling rates of the dollar in the open market stood at Rs322 and Rs325 respectively.