US dollar rate drops to Rs 290.80 in interbank

Karachi: The US dollar (USD) dropped by 0.96 Pakistani rupee (PKR) in interbank and trading at 290.80 rupees on Monday.

 “The USD goes down by 0.96 PKR this morning and trading in interbank at Rs290.80”, foreign exchange dealers have stated.

According to currency brokers, banks are selling US dollars to importers for Rs290.20.

Foreign exchange traders said that the dollar was trading at 293.50 Pakistani rupees on the open market.

The Pakistani rupee has been steadily losing value during August. The open market's exchange rates for purchasing and selling the dollar were as high as Rs. 322 and Rs. 325, respectively.

The government started a nationwide campaign to combat dollar smuggling and stockpiling. According to rumors, house searches would be carried out by the FIA and other secret agencies as part of a campaign against the hoarding of US money.

Following a crackdown on the currency mafia, the dollar has been losing ground against the Pakistani rupee, losing almost 34 rupees on the open market.