The US dollar has seen a significant drop in value against the Pakistani rupee, with a decrease of seven rupees, bringing it to a trading rate of Rs316 in the open market. This trend follows a recent decline of 12 rupees in just two days.
In the interbank market, the dollar was initially trading at Rs306.90 and experienced a minor depreciation of 20 paisa, according to foreign exchange dealers. Additionally, banks have been providing dollars to importers at a rate of Rs307.40 per dollar.
While the dollar’s value dipped in the open market, it continued to depreciate against the US dollar in the interbank market, losing an additional Rs1.46. However, it is worth noting that the dollar’s value in the interbank market doesn’t necessarily reflect the open market rates.
This recent drop in the US dollar’s value in the open market is attributed to an administrative crackdown, as plain-clothed law enforcement personnel have been deployed to monitor the sale and purchase of dollars in exchange companies across the country. These measures were taken in response to concerns about unethical practices by certain individuals outside exchange company premises who were causing issues for customers.
Exchange company representatives had requested the deployment of plain-clothed officials to ensure a fair and secure environment for customers seeking to exchange dollars.