Pakistan’s currency, the rupee, has been making promising strides against the US dollar since Monday, closing the exchange-rate gap with the interbank market.
As the value of the Pakistani rupee soars, the US dollar is seeing a decrease in its price in the open currency market. According to dealers, the US dollar has dropped by one rupee against the Pakistani rupee, pegging the exchange rate at 296 rupees.
The rupee’s rise is attributed to several factors, including increased foreign remittances, exports, and enhanced economic stability.
Not only in the open currency market, but the interbank market has also seen a reduction in the value of the US dollar against the Pakistani rupee. Dealers noted that the dollar rate in the interbank market jumped by 16 paisa to reach Rs 287.35.
It’s worth noting that the US dollar has witnessed a substantial decline in the open market over the recent few days. On Friday, the last operational day for the currency markets, the US dollar fell by approximately Rs3.39 in the interbank, while it was traded for Rs212.50 in the open market.
