The Pakistani rupee gained 39 paisas against the US dollar on Monday, continuing the local currency’s recent run of advances against the dollar.
Forex traders said that the dollar dropped 39 paisas against the Pakistani rupee in the interbank market and is now trading at Rs220.45.
The open market price of the dollar is between Rs. 226 and 229, according to foreign exchange brokers.
The local currency increased 0.11 paisa from yesterday’s closure of Rs220.95 to settle at Rs220.84 on Friday.
In an effort to stabilise the Pakistani rupee’s value relative to other currencies, it was previously revealed that money exchange corporations had chosen to cap currency prices.
In order to devalue other currencies, particularly the US dollar, the money exchange corporations have chosen to cap currency rates.
Zafar Paracha, general secretary of the Exchange Companies Association of Pakistan (ECAP), stated in a statement that the organisation has taken steps to devalue other currencies, including the dollar.
