In interbank trading on Thursday morning, the US dollar (USD) experienced a decline of 1.08 Pakistani rupees (PKR).
Foreign exchange dealers have confirmed that the USD is currently trading at Rs292.80, marking a decrease of PKR 1.08. Banks are offering the dollar to importers at a rate of Rs293.30, as indicated by currency dealers.
In the open market, the US dollar is being traded at 297 rupees, according to dealers.
— SBP (@StateBank_Pak) September 21, 2023
The interbank market witnessed the US dollar falling below Rs300 last week, as the Pakistani rupee continued its upward trend, as noted by currency dealers.
During the month of August, the Pakistani rupee (PKR) had been experiencing a consistent devaluation, with the open market rates for buying and selling the dollar reaching as high as Rs322 and Rs325, respectively.
In an effort to combat dollar hoarding and smuggling, authorities have initiated a crackdown. The Federal Investigation Agency (FIA) and other intelligence agencies are reportedly conducting raids on homes in order to recover hoarded US dollars.
Sources suggest that specific homes have been identified based on data collected from exchange companies. These sources also indicate that there are credible reports of a hoarding of US dollars by a group involved in illegal activities.
Following the crackdown on the currency mafia, the US dollar has seen a significant decline of over 31 Pakistani rupees in the open market.