Karachi (Web Desk): Pakistani rupee' s value continues to increase for a month and today the value of one dollar has dropped by more than one rupee to Rs284.70. During a month, the dollar has decreased by Rs 22.40 in the inter-bank and Rs48 in the open market.
The rupee was trading at Rs284.68, with 0.37% gain and an increase of Rs1.07 during trading in the inter-bank market on Wednesday.
Earlier on Tuesday, the rupee appreciated by 0.36% to close at 285.72.
On the other hand, in open-market the Pakistani rupee maintained its momentum against the US dollar, as rupee was selling at 285 and 282 for buying purposes according to reports.
According to data provided by the Exchange Companies Association of Pakistan (ECAP), rupee closed at 286 for selling and 283 for buying at the end of trading on Tuesday.
The value of the dollar in Pakistan reached an all-time high on September 4, 2023, when dollar reached above the Rs 307 mark in the inter-bank market. On the other hand, its price went up to the level of Rs.333 in the open market.
The massive increase in the country's dollar value was attributed to its smuggling and hoarding, after which the federal government launched a major crackdown on dollar smuggling and hoarding, along with the regulation of exchange companies. I also tried hard.
After these measures, a trend of decrease in the value of the dollar was observed and in one month, a decrease of 22.40 rupees has been recorded in inter-bank. Similarly, the price of the dollar in the open market has decreased by 48 rupees in a month.
photo via Forex.pk