US dollar drops further against Pakistani Rupee
On Monday morning, the US dollar (USD) experienced a notable decline of 0.95 rupees in the interbank market. The currency was observed trading at a rate of 295.90 Pakistani rupees (PKR). Forex dealers were quick to highlight this significant drop in the greenback's value within the interbank setting, emphasizing that it had fallen by 0.95 rupees and was currently being exchanged at 295.90 PKR.
In contrast, the open market was witnessing a slightly higher rate for the dollar, with it being traded at 297 rupees. Additionally, currency dealers were purchasing US dollars at a rate of 290 rupees in the open market. Moreover, it was revealed that banks were selling the dollar to importers at a rate of 296.40 Pakistani rupees.
Notably, the closing rate for the US dollar in the interbank market on the preceding Friday had been 296.85 PKR, as indicated by currency dealers. This recent fluctuation in the USD-PKR exchange rate demonstrates the dynamic nature of the currency market. It is essential to acknowledge that the Pakistani rupee (PKR) has been displaying a remarkable recovery against the US dollar (USD) in recent days, making headlines when it dipped below the 300-rupee mark in the interbank market the previous week.
This ongoing upward trajectory of the rupee has caught the attention of forex dealers, sparking discussions about the factors driving this shift in currency dynamics