The Pakistani rupee (PKR) is making a recovery, with the US dollar (USD) losing 1.06 rupee in interbank trading on Monday, as reported by ARY News.
This positive trend for the rupee is the result of a nationwide crackdown on illegal currency businesses by law enforcement agencies.
To provide some context, in August, the Pakistani rupee had been continuously losing value. In the open market, the buying and selling rates of the dollar had reached as high as Rs322 and Rs325, respectively.
Currently, in interbank trading, the US dollar is being exchanged for Rs286.68, while in the open market, it’s at Rs287.50. Banks are selling dollars to importers at Rs287.13, according to forex dealers. This recent improvement is good news for the Pakistani economy.