The United States dollar slid by 28 paisas against the Pakistani Rupee in the opening hours of trading on Monday. The change took the value of the US dollar to Rs278.75 in the interbank market. The dollar’s value saw a massive hike in the first half of the fiscal year, even trading at over Rs300 at one point. The dollar’s value also showed a massive difference in the open market and interbank. However, an agreement with the International Monetary Fund, fiscal discipline and crackdown against smuggling and hoarding of the currency brought the value down. Over the last few months, daily changes in value have been restricted to a few paisas per day.

Credit: Independent News Pakistan (INP)