The US dollar (USD) dropped below 300 rupees in the interbank this morning and trading at 298.30 PKR on Wednesday. “The greenback rate dropped by 1.59 rupees in interbank and trading at 298.30 Pakistani rupees,” Forex dealers said. “The banks are selling dollar to importers at below 300 Pakistani rupees,” currency dealers said. Pakistani rupee (PKR) has made impressive recovery against the US dollar (USD) in recent days. The US dollar has dipped below Rs300 in the interbank market as the rupee continued its upward trajectory, the forex dealers said.

President Forex Association of Pakistan Malik Bostan earlier said that the US dollar will enter in the reverse gear mode and will drop below Rs 300. It is pertinent to mention here that the caretaker government announced crackdown against dollars smuggling following the identification of facilitators linked to government officials. To combat dollar smuggling, hoarding, and organized crime, the caretaker government has decided to launch comprehensive crackdown.

The identification of facilitators and patrons among government officials has already taken place, and a list has been compiled for this purpose, sources said. 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.

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. The buying and selling rates of the dollar in the open market were standing at Rs322 and Rs325 respectively.

 
Credit: Independent News Pakistan (INP)