US dollar sheds Rs1.08 in interbank tradingBreaking

October 11, 2023

The dollar sheds Rs1.08 on Wednesday morning and trading at 279.43 Pakistani rupee (PKR) in interbank. According to the Forex dealers, the rupee gained Rs1.08 against the US dollar and greenback trading at Rs279.43 in the interbank. The banks selling dollar to importers at Rs279.73, currency dealers said. The greenback depreciated by one rupee in open market in the morning trade and being sold at Rs279. The US currency has shed 27.61 rupee in interbank and Rs49.50 in the open market since September 05,amid a crackdown against dollar’s smuggling, currency dealers said.

Last week USD dropped to its lowest level in six months against rupee and closed at 282.69 rupee. With Pakistani rupee’s surge against US dollar in the open market, gap with the inter-bank market continued to stay narrow and within the limits prescribed by the IMF. Pakistani rupee’s upward move against US dollar comes on the back of a countrywide crackdown against smuggling and illegal currency business.

 Credit: Independent News Pakistan (INP)