US dollar drops significantly against Pakistani Rupee in interbank trade

US dollar drops significantly against Pakistani Rupee in interbank trade

ARY News reported this morning that the US dollar (USD) decreased by 2.48 rupees in the interbank, now trading at 304.50 rupees. Forex dealers noted that the greenback rate also dropped by two rupees in the open market, currently trading at 310 Pakistani rupees.

The Pakistani rupee (PKR) has shown significant improvement against the USD in the open market over the past three days, gaining Rs18 against the greenback.

According to currency dealers, banks are selling the dollar to importers at Rs 305.70. Malik Bostan, President of the Forex Association of Pakistan, predicts that the US dollar will continue to decline, potentially reaching Rs 300.

Notably, the caretaker government has initiated a crackdown on dollar smuggling and organized crime, targeting facilitators linked to government officials. This effort includes deploying plain-clothed law enforcement personnel at exchange companies nationwide