The Pakistani rupee (PKR) has been on an upward trajectory, with the US dollar (USD) experiencing its lowest value in six months.
This development follows a concerted effort to combat dollar smuggling, resulting in a decrease of Rs5.50 in interbank trading this week. The greenback concluded the week at Rs282.69.
In the open market, the US dollar saw a significant drop of 6.50 rupees, closing at Rs281.50, down from Rs288.
This decline has been a consistent trend in recent weeks, starting from the beginning of September, when the US currency has been steadily losing ground against the Pakistani rupee.
Notably, other foreign currencies have also seen a decrease in their value within the currency market. Over the past week, the Euro fell by 8 rupees, going from Rs306 to Rs298. Similarly, the British Pound Sterling lost Rs5, reaching a rate of Rs248 from its previous Rs253.
The Saudi Riyal experienced a modest decrease of one rupee, moving from Rs76.20 to Rs75.20, while the Emirates dirham shed Rs2.60 to settle at Rs77.20, down from its previous rate of Rs79.80 over the weekend.
This strengthening of the Pakistani rupee against the US dollar in the open market has occurred while maintaining a narrow gap with the interbank market, aligning with the limits stipulated by the International Monetary Fund (IMF).
This positive trend in the rupee’s value against the dollar can be attributed to a nationwide crackdown on illegal currency operations carried out by law enforcement agencies.
