US dollar (USD) dropped by 0.85 Pakistani rupee (PKR) in interbank trading on Thursday morning.
“The USD goes down by 0.85 PKR and trading in interbank at Rs287.90”, foreign exchange dealers stated today.
The banks selling US dollar to importers at Rs288.40, currency dealers said.
The dollar dropped by 50 paisa in open market and trading at 289.50 Pakistani rupees, forex dealers said.
The Pakistani rupee gaining against US dollar in the open market as gap with the inter-bank market continued to stay narrow and within the limit prescribed by the International Monetary Fund (IMF).
The rupee’s merry run against dollar comes on the back of a countrywide crackdown against illegal currency business by the law enforcement agencies.
The State Bank of Pakistan has also directed commercial banks to establish their own exchange companies as fully owned subsidiaries.
In August, the Pakistani rupee had witnessed continuous devaluation. The buying and selling rates of the dollar in the open market were reached as high as Rs322 and Rs325 respectively.