KARACHI: The Pakistani rupee (PKR) continues to strengthen as the US dollar(USD) reached its lowest point in six months.In the midst of efforts tocombat dollar smuggling, the US currency lost 5.50 rupees in interbanktrading this week.
The greenback concluded the week at 282.69 rupees, marking a 5.50 rupeedecrease in interbank trading compared to the previous week’s closing rateof 287.74 rupees.
In the open market, the US dollar declined by 6.50 rupees, closing at281.50 rupees, down from the previous rate of 288 rupees.
Over the past few weeks since the start of September, the US currency hasbeen consistently depreciating against the Pakistani rupee in the openmarket.
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Other foreign currencies are also losing value in the currency market, inline with the trend seen with the US dollar. Euro, for instance, dropped by8 rupees in a week, going from 306 to 298 Pakistani rupees.