dropped by 1.10 Pakistani rupee (PKR) in interbank trading on Wednesday morning. “The USD goes down by 1.10 PKR and trading in interbank at Rs288.70”, foreign exchange dealers have stated. The banks selling US dollar to importers at Rs289.10, currency dealers said. The dollar trading in open market at 291 Pakistani rupees, foreign exchange dealers further said. The Pakistani rupee improving against the US dollar in the open market as gap with the inter-bank market continued to stay narrow and within the prescribed limit set by the International Monetary Fund (IMF).

The rupee has been on a merry run against dollar in current month, which comes on the back of a countrywide crackdown against illegal exchanges and currency smugglers by the law enforcement agencies. The State Bank of Pakistan also announced structural reforms, directing commercial banks to establish their own exchange companies as fully owned subsidiaries. In August, the Pakistani rupee had witnessed continuous devaluation. The buying and selling rates of the dollar in the open market were standing as high as Rs322 and Rs325 respectively.

 
Credit: Independent News Pakistan (INP)