US Dollar drops significantly against Pakistani Rupee in interbank market
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The Pakistani rupee (PKR) is in the midst of a remarkable recovery, with the US dollar (USD) experiencing a decline of 1.06 rupees in interbank trading on Monday.
This upward surge in the value of the rupee against the dollar can be attributed to a nationwide effort by law enforcement agencies to combat illegal currency trading.
The preceding month of August had seen the Pakistani rupee grappling with a persistent devaluation trend, with the open market rates for the dollar soaring to as high as Rs322 for buying and Rs325 for selling.
However, the current scenario paints a different picture, with the greenback now being exchanged at Rs286.68 in interbank transactions and Rs287.50 in the open market. Importers are finding banks selling dollars to them at a rate of Rs287.13, as reported by forex dealers.
In an encouraging development, during the past week, the Pakistani rupee (PKR) has managed to gain a significant 4.02 rupees against the US dollar (USD). This gain follows the stringent measures taken during the crackdown against illegal currency trading, demonstrating the positive impact of such actions on the country's financial stability and exchange rates.
