On Wednesday, the US dollar saw a decline of seven rupees against the localcurrency unit, trading at Rs316 within the open market. This shift marks anotable development for the Pakistani rupee, which has been gainingstrength in the open market, with the dollar’s rate decreasing by 12 rupeesover the course of two days.
In the interbank market, the dollar’s rate stood at Rs306.90 and saw aminor depreciation of 20 paisa, according to foreign exchange dealers.Banks were offering dollars to importers at Rs307.40 per dollar, asreported by currency dealers.
Conversely, the local currency faced a depreciation against the US dollarin the interbank market on Tuesday, losing an additional Rs1.46 against thedollar. This contrasted with its performance in the open market, where itshowed signs of gaining ground. When the interbank market closed theprevious day, the dollar was trading at Rs307.10, marking a 0.48% increasefrom its previous closing rate of Rs305.64, according to data shared by theState Bank of Pakistan.
Interestingly, the US Dollar’s rate experienced a drop in the open market,driven by an administrative crackdown and the deployment of plain-clothedlaw enforcement personnel at exchange companies across the country.
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Zafar Paracha, secretary of the exchange companies body, emphasized therole of law enforcement personnel in monitoring the sale and purchase ofdollars within these exchange companies. This development reflects adynamic shift in the currency market, with the rupee gaining strength inthe open market while experiencing fluctuations in the interbank market
