US dollar drops significantly against Pakistani Rupee in interbank
On Tuesday morning, the US dollar (USD) experienced a decline of 1.45 Pakistani rupees (PKR) in the interbank market, with its trading rate settling at Rs294.50.
In interbank trading on Monday, the Pakistani rupee (PKR) had strengthened by Rs0.90 against the US dollar, closing at Rs295.95.
Forex dealers reported that the greenback was being traded at Rs297 in the open market, while banks were offering it to importers at Rs296.45.
The interbank market had seen the US dollar drop below Rs300 the previous week, as the Pakistani rupee continued its upward trend, according to forex dealers.
In August, the Pakistani rupee (PKR) had been consistently losing value, with open market buying and selling rates for the dollar at Rs322 and Rs325, respectively.
It's worth noting that on September 14, the US Dollar (USD) index reached its highest level in six months, driven by stronger-than-expected economic data and signals from the European Central Bank (ECB) indicating the end of its rate hike cycle