The US dollar has recently experienced a significant drop against the Pakistani rupee (PKR). According to forex dealers, the greenback rate has decreased by 1.59 rupees in the interbank market and is now trading at 298.30 Pakistani rupees.
It’s worth noting that banks are currently selling the dollar to importers at a rate below 300 Pakistani rupees, indicating the positive momentum of the rupee against the US dollar.
President of the Forex Association of Pakistan, Malik Bostan, had previously predicted that the US dollar would enter a reverse gear mode and drop below Rs 300. His forecast has now become a reality as the Pakistani rupee continues to strengthen.
In an effort to combat dollar smuggling, hoarding, and organized crime, the caretaker government of Pakistan has announced a comprehensive crackdown. This includes identifying facilitators and patrons among government officials, and a list of individuals involved has been compiled for this purpose.
As a result of the ongoing crackdowns, the US dollar has been experiencing a decline in value. It has recorded a decrease of Rs7.21 in the interbank market and Rs30 in the open market over the past six trading sessions.
Analysts attribute the reduction in the dollar’s price to the concerted efforts to curb currency smuggling across the country.
Yesterday, the US dollar dropped below the interbank rate in the open market. It saw a decrease of 4.00 rupees and traded at 298 rupees until evening.
The current situation is characterized by a scarcity of buyers for the dollar, while the number of sellers in exchange companies has significantly increased.
Previously, in August, the Pakistani rupee had been continuously devaluing, with the buying and selling rates of the dollar in the open market standing at Rs322 and Rs325 respectively.