The Pakistani rupee (PKR) has shown signs of recovery against the US dollar in the interbank market on Tuesday morning, as reported by ARY News.
According to Forex dealers, the rupee has strengthened by Rs1.16 against the US dollar and is now trading at Rs280.49 in the interbank market. Banks are selling dollars to importers at Rs280.84, according to currency dealers.
In the open market, the US dollar has depreciated by one rupee and is currently being sold at Rs279.50 during morning trading.
— SBP (@StateBank_Pak) October 10, 2023
In the midst of a crackdown on dollar smuggling, the US currency has lost 26.61 rupees in interbank trading since September 5th, as reported by dealers. Furthermore, in the open market, the US dollar has decreased by Rs48.50 since September 5th.
Just last week, the USD reached its lowest level against the rupee in six months, closing at 282.69 rupees.