US Dollar Hits 6-Week Low Against Pakistani Rupee Amidst Ongoing Crackdown
In a significant development, the US dollar has seen a continuous decline in value against the Pakistani rupee, reaching its lowest level in six weeks. This trend comes as part of a broader effort by federal and provincial governments in Pakistan to combat dollar smuggling and hawala/hundi operations, resulting in a substantial impact on the currency exchange rates.
As per the latest reports, the exchange rate of the US dollar in the interbank market dropped by a notable one rupee and seventy paisas, settling at 290 rupees and seventy paisas on the first day of the business week. This marks a significant decrease from the previous week’s closing rate of 291.76.
Over the course of the past two weeks, the US dollar has experienced a remarkable depreciation in the interbank market, plummeting by 16.40 rupees from its highest point. Consequently, this has led to the dollar hitting its lowest level against the Pakistani rupee in a span of six weeks.
Notably, the open market has also witnessed a decrease in the value of the US dollar, with a reduction of 50 paisas, bringing the exchange rate to 293 rupees.
This ongoing crackdown against dollar smuggling and illicit financial activities has had a notable impact on the foreign exchange market in Pakistan. As authorities intensify their efforts to curb these activities, the US dollar’s value continues to experience a downward trend, with implications for businesses and consumers alike.
