KARACHI – The US dollar witnessed massive depreciation against the Pakistani rupee in open market on Wednesday after it hit fresh all-time high due to successive gains for several days.
Forex dealers said that the greenback shed Rs7 during intraday trading in the first session as it is currently being traded at Rs316 in open market. A day earlier, the foreign currency closed at Rs323 after witnessed a decline.
The dollar also lost ground in interbank market as it dropped by 60 paisas to Rs306.50 during intraday trading. On Wednesday, it closed at Rs307.10 against rupee after witnessing 0.48% decline.
The rupee started strengthening against dollar days after Chief of Army Staff (COAS) Gen Asim Munir resolved that money exchanges would be brought under the tax net.
He had stated this in a meeting with the business community at the Corps Commander’s Headquarters in Lahore on Sunday. COAS had assured the businessmen that transparency in dollar exchange and interbank rates would be ensured.
