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Thursday, December 12, 2024

Home Business US dollar drops below Rs280 against Pakistan rupee amid intensive crackdown

US dollar drops below Rs280 against Pakistan rupee amid intensive crackdown

by Our Correspondent
October 11, 2023
in Business, Featured

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KARACHI – The Pakistan rupee continued to thrash the US dollar in interbank and open markets as crackdown down against currency smugglers and hoarders is yielding positive results.

During early trading session on Wednesday, rupee has gained 86 paisas as the greenback is being traded at Rs279.65 in interbank market. Experts believe that the foreign currency would shed over one rupee today.

A day earlier, the local currency settled at Rs280.51 after witnessing 0.41% surge in interbank market. While the dollar closed at Rs280 in the open market.

PKR has gained R27.40) against dollar since Sep 5, 2023 after the civil and military leadership vowed to launch a crackdown in order to bring stability in exchange rate.

More to follow…