US Dollar drops further against Pakistani Rupee even below the anticipated barrier
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The American currency's decline against the Pakistani rupee persisted, with further devaluation on Wednesday morning. During the initial trading session on that day, the US dollar depreciated by 86 paisas in the interbank market, reaching a value of Rs279.65.
Remarkably, this is the first instance in three months that the US dollar has fallen below the Rs280 threshold in the interbank market.
Its ongoing depreciation against the local unit had pushed its value to Rs280.60 on the previous Tuesday, marking a substantial decrease of Rs1.05 compared to the closing rate of Rs281.65 from the day before.
The closing rate of the American currency on the preceding Monday had been Rs281.50, following an increase of Rs1.14.
It's worth noting that the US dollar's devaluation has amounted to Rs26.49 since September 5. This significant shift in the exchange rate can be attributed, in part, to the Pakistani rupee's remarkable 6.1% gain against the dollar throughout the month of September. This gain was the result of official efforts to curb illegal foreign exchange trading in the grey and black markets, led by security agencies.
