The US dollar (USD) experienced a notable dip today, decreasing by 0.96 Pakistani rupees (PKR) in the interbank market, with its current rate sitting at 290.80 rupees.
According to foreign exchange experts, the USD kicked off the day on a descending note, recording a price of Rs290.80 in interbank transactions. Simultaneously, banks offered the US dollar to importers at Rs290.20.
Contrarily, in the open market, the greenback was traded at a slightly elevated rate of 293.50 Pakistani rupees, as highlighted by foreign exchange professionals.
A few months ago, in August, the Pakistani rupee saw a period of consistent devaluation. Open market rates for the dollar had soared, reaching Rs322 and Rs325 for buying and selling, respectively.
Crackdown on Dollar Manipulation
In response to these escalating rates, authorities initiated a nationwide operation targeting illegal hoarding and smuggling of US dollars. Rumours were rife: the FIA and other covert agencies planned raids to target and recover hoarded US currency.
The concentrated efforts against these illicit currency activities have borne fruit. After this stringent crackdown, the dollar fell against the Pakistani rupee, depreciating by over 34 rupees in the open market.