The US dollar continued its downward spiral against the Pakistani rupee Monday, hitting a new low of 290 rupees 90 paisas in the interbank exchange, signaling a strengthening of the local currency. This comes as a part of a broader trend in which the rupee has been gaining ground against the greenback in recent weeks, owing to the government's crackdown on the so-called "dollar mafia". Currency dealers reported a significant drop of Rs0.86 in the interbank market on the first day of the business week. This follows a dramatic plunge in the open market at the end of the previous week when the American currency fell to Rs295 after shedding a full rupee. The remarkable reduction in the dollar's value marks a substantial change from its peak of Rs333 rupees on September 5, 2023.

 The interbank market also witnessed a noticeable decline, with the dollar reaching 307 rupees 10 paisas on the same date in early September. Overall, the dollar has lost 15 rupees and 34 paisas against the rupee from its highest recorded level. Over the past two weeks, the value of the rupee has appreciated by a remarkable 4%, with a total gain of more than 12 rupees.

 
Credit: Independent News Pakistan (INP)