Pakistani Rupee rises further significantly against US dollar in interbank
Shares
The US dollar (USD) experienced a notable decline of 1.12 rupees in the interbank market during the morning trading session, settling at 297.70 Pakistani rupees. Forex dealers observed that the greenback's rate saw a significant drop, marking a trend in the recent fluctuations of the currency exchange market. Furthermore, banks were seen offering the dollar to importers at a rate of 298.30 Pakistani rupees, highlighting the ongoing dynamics within the currency market.
Over a span of eight trading sessions, the USD has recorded a substantial decrease of 9.40 rupees in the interbank market. Simultaneously, in the open market, the dollar exhibited a decline of three rupees, with its trading value settling at 298 rupees. This demonstrates a consistent trend in the devaluation of the US dollar against the Pakistani rupee, signifying a significant shift in the foreign exchange landscape.
The recent performance of the Pakistani rupee (PKR) against the US dollar (USD) has garnered attention due to its impressive recovery. The USD's dip below the 300 rupee mark in the interbank market has been attributed to the upward trajectory of the Pakistani rupee.
Analysts have linked this trend to the government's crackdown on currency smuggling, hoarding, and organized crime, which has contributed to stabilizing the dollar's exchange rate. The predictions of the President of the Forex Association of Pakistan, Malik Bostan, regarding the USD entering a reverse gear mode and dropping below 300 rupees seem to be materializing as the currency market undergoes these transformative changes
