This morning, the US dollar (USD) witnessed a significant decline, fallingbelow the 300 rupee mark in the interbank market, where it is currentlytrading at 298.30 PKR. According to Forex dealers, this translates to adrop of 1.59 rupees in the greenback’s exchange rate.
Currency dealers further reported that banks are now offering the dollar toimporters at rates below the crucial 300 Pakistani rupee threshold. Thisshift marks a notable trend in the recent performance of the Pakistanirupee (PKR), which has been steadily gaining strength against the US dollar(USD).
As the rupee continues its upward trajectory, the US dollar’s dip belowRs300 in the interbank market has been attributed to this ongoing trend byforex dealers. Even earlier, President of the Forex Association ofPakistan, Malik Bostan, had predicted that the US dollar would shift intoreverse gear, ultimately falling below Rs 300.
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It is worth noting that the caretaker government has taken significantmeasures to combat dollar smuggling, hoarding, and organized crime. Inresponse to the identification of facilitators linked to governmentofficials, the caretaker government has announced a comprehensive crackdownon these illicit activities
