In the early hours of Thursday, the US dollar witnessed a minor depreciation of 10 paisa in the interbank market, settling at an exchange rate of PKR 279.78, according to foreign exchange dealers.
Simultaneously, commercial banks are offering the US dollar to importers at a rate of PKR 280.28. In the open market, the value of the US currency is reported to be PKR 280.28, as shared by forex dealers.
Notably, the Pakistani rupee has displayed a gradual ascent in its value since the beginning of September. This upward trend was attributed to strict actions taken by state agencies against illegal currency operations and the smuggling of US dollars. Despite last week's positive momentum, the rupee's performance at the start of this week was described as hesitant.
It's worth mentioning that the difference between interbank and open market exchange rates has remained within the limits set by the International Monetary Fund (IMF). Over the course of the last month, the US dollar has depreciated by approximately PKR 60, primarily due to the crackdown on illegal currency dealings and its illicit transportation abroad. Exchange rates have seen fluctuations, reaching as low as PKR 277 and then subsequently experiencing brief upswings, as seen today at PKR 280.28.
