KARACHI: The US dollar (USD) continued its downward trajectory againstrupee at the end of the week amid administrative crackdown againstsmuggling of the greenback.
USD sheds value against the Pakistani rupee (PKR) in interbank and openmarket trading. The dollar shed 6.10 rupees in interbank trading anddropped to Rs296.85 from 302.95 rupees.
Pakistani rupee (PKR) gained Rs1.11 against the US dollar in the interbanktrading and closed at Rs296.85 as compared to the previous day’s rate,Rs297.97.
According to the forex dealers, the greenback is being traded at Rs298 inthe open market, whereas the banks traded the greenback to importers atRs297.35.
Pakistani rupee also strengthened in the open market trading in the week asUSD dropped by seven rupees to 297 PKR from 304 rupees.
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The dollar’s downward movement has also affected other currencies as theEuro dropped one rupee in the week and trading at 324 from earlier 325rupees.
British Pound dropped by two rupees in the week from 381 to 379 rupees,Saudi riyal by 1.10 rupee to 79.70 PKR, Emirate dirham by 2.30 rupees from85.30 rupees to 83 Pakistani rupees.