The rupee (PKR) strengthened more against the dollar on Tuesday as the US dollar dropped below Rs300 in the interbank market, according to reports.
The US dollar dropped below Rs300 in the interbank market as the rupee continued to rise.
Additionally, the State Bank of Pakistan (SBP) reports that the Pakistani rupee (PKR) rose by Rs1.27 against the dollar in the interbank market, finishing at Rs299.89 as opposed to the previous close of Rs301.6.
It is important to note that Rs298 was the open market cost of a dollar.
Read More: Dirham Rates Down Against Pakistani Rupee
The USD decreased once more throughout the course of the six trading sessions, this time by Rs7.21 in interbank trade and Rs30 in open market trading.
The open market price of the US dollar (USD) yesterday fell below the interbank rate. The USD dropped 4 rupees in value on the open market, trading all day at 298 rupees.
According to currency brokers, the dollar’s value dropped by 2.35 rupees during interbank trading to reach 300.60 Pakistani rupees.
Importers received USD from banks at 301.05 Pakistani rupees. The exchange rate for the US dollar was the same on the open market and the interbank market.
In exchange companies, there hasn’t been much dollar buying while there are more sellers now.
In interbank trade in August, the Pakistani rupee (PKR), which has been progressively depreciating, shed Rs1.35 to the US dollar (USD) and ended at Rs305.80.
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