The US dollar (USD) dropped significantly today, losing 0.96 Pakistani rupees (PKR) in the interbank market, bringing its rate down to 290.80 rupees at the moment.
Dollar Dips Against Pakistani Rupee: Experts in foreign exchange claim that the price of the USD in interbank transactions began the day in decline, at Rs290.80. Banks simultaneously offered importers the US currency for Rs290.20.
In contrast, foreign exchange experts noted that the dollar was exchanged in the open market at a little higher rate of 293.50 Pakistani rupees.
The Pakistani rupee saw a period of persistent devaluation in August of last year. For purchasing and selling, the open market values for the dollar have risen sharply to Rs322 and Rs325 respectively.
Strikes against Dollar Manipulation
Authorities launched a statewide investigation targeting unlawful hoarding and smuggling of US dollars in reaction to these rising rates. There were several rumours that the FIA and other clandestine organisations were planning raids to target and seize stockpiled US cash.
The focused efforts against these illegal financial operations have been successful. The dollar depreciated against the Pakistani rupee after this severe crackdown, losing almost 34 rupees on the open market.