The US dollar (USD) has experienced a decline in the open market, falling below the interbank rate, as reported by Forex dealers.
In the open market, the dollar has decreased by 4.00 rupees and is currently trading at 298 rupees in the evening.
Forex dealers noted, "The greenback rate has dropped by 2.35 rupees in the interbank market, now trading at 300.60 Pakistani rupees."
Currency dealers added, "Banks are selling the dollar to importers at 301.05 Pakistani rupees."
Earlier in the day, the US dollar rate was at par in both the interbank and open markets.
The demand for the dollar has been limited, while the number of sellers in exchange companies has increased.
The Pakistani rupee (PKR) has demonstrated a significant recovery against the US dollar in recent days.
President of the Forex Association of Pakistan, Malik Bostan, had previously stated that the US dollar would enter a reverse trend and drop to Rs 300.
It's worth mentioning that the caretaker government has initiated a crackdown on dollar smuggling, with identified links to government officials serving as facilitators.
To address dollar smuggling, hoarding, and organized crime, the caretaker government has decided to launch a comprehensive crackdown. The identification of facilitators and patrons among government officials has already been completed, and a list has been compiled for this purpose, according to sources.
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