The American currency’s decline against the Pakistani rupee persisted, withfurther devaluation on Wednesday morning. During the initial tradingsession on that day, the US dollar depreciated by 86 paisas in theinterbank market, reaching a value of Rs279.65.
Remarkably, this is the first instance in three months that the US dollarhas fallen below the Rs280 threshold in the interbank market.
Its ongoing depreciation against the local unit had pushed its value toRs280.60 on the previous Tuesday, marking a substantial decrease of Rs1.05compared to the closing rate of Rs281.65 from the day before.
The closing rate of the American currency on the preceding Monday had beenRs281.50, following an increase of Rs1.14.
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It’s worth noting that the US dollar’s devaluation has amounted to Rs26.49since September 5. This significant shift in the exchange rate can beattributed, in part, to the Pakistani rupee’s remarkable 6.1% gain againstthe dollar throughout the month of September. This gain was the result ofofficial efforts to curb illegal foreign exchange trading in the grey andblack markets, led by security agencies.