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Economy

US Dollar Depreciates by Rs1.08 in Interbank Trading

ISLAMABAD: On Wednesday morning, the dollar dropped by Rs1.08. It is currently trading at 279.43 Pakistani rupees (PKR) in the interbank.

According to Forex dealers, the US dollar has depreciated by Rs1.08 against the Pakistani rupee.

It is currently trading at Rs279.43 in the interbank.

Interbank trading

Banks are selling the US dollar to importers at Rs279.73, as reported by currency dealers.

In the open market, the greenback lost one rupee during morning trading. Dollar is being sold at Rs279.

Currency dealers observed that US currency experienced a depreciation of 27.61 rupees in the interbank since September 05. This trend also aligns with a parallel depreciation of 49.50 rupees in the open market. This notably coincides with the government’s intensified crackdown against the smuggling of dollars.

Last week, the USD reached its lowest level against the rupee in six months, closing at 282.69 rupees.

The Pakistani rupee’s strengthening against the US dollar in the open market has resulted in a narrower gap with the interbank market, staying within the limits set by the IMF.

The surge in the value of the Pakistani rupee against the US dollar is attributed to a nationwide crackdown on smuggling and illegal currency operations.

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