US Dollar Rate Drops To Rs 290.80 In Interbank Trading

By Saba Shafiq

| Published Sep 25, 2023 | 12:53 p.m.

The US dollar (USD) has seen a reduction of 0.96 Pakistani rupees (PKR) in interbank trading, reaching a rate of 290.80 rupees on Monday.

Foreign exchange dealers have reported that the USD has decreased by 0.96 PKR in the morning and is now trading at Rs. 290.80 in the interbank market.

Currency dealers have noted that banks are selling US dollars to importers at a rate of Rs. 290.20.

In the open market, the greenback is being traded at 293.50 Pakistani rupees,

as per information from foreign exchange dealers.

Throughout August, the Pakistani rupee experienced a continuous devaluation, with the buying and selling rates of the dollar in the open market reaching as high as Rs. 322 and Rs. 325, respectively.

Authorities launched a nationwide crackdown against the hoarding and smuggling of US dollars, with reports indicating that the Federal Investigation Agency (FIA) and intelligence agencies would also conduct raids to recover hoarded US currency.

Following the crackdown on currency manipulation, the US dollar has been on a downward trajectory against the Pakistani rupee, shedding more than 34 Pakistani rupees in the open market.