On the first day of the business week, the exchange rate for the US dollar in the interbank market dropped by 70 paisas to reach 290.70 Pakistani Rupees. This comes after last week’s closing rate of 291.76 Rupees on the final business day.
Over the past 14 days, the US dollar has depreciated by 16.40 Rupees from its highest point in the interbank market, marking the lowest level in six weeks compared to the Pakistani Rupee. In the open market as well, the dollar has become cheaper by 50 paisas, now trading at 293 Rupees.
It’s worth noting that both the federal and provincial governments are conducting extensive operations against dollar smuggling and hawala/hundi transactions across the country, leading to a continuous decline in the value of the US dollar.