Dollar becomes Rs1.05 cheaper than rupee

Karachi: The US dollar gets Rs1.05 cheaper in the Interbank market.

Following to the effective crackdowns of the Caretaker federal government against dollar hoarders and mafia, the value of the US dollar continues to fall.

The value of the US dollar now stands at Rs280.60 in the Interbank market, marking a decrease of Rs1.05.

A relentless crackdown on illegal currency trading and smuggling has not only yielded positive results but has also resulted in a $900 million surplus in the open market, leading to increased deposits in banks.

The State Bank of Pakistan reported yesterday that the US dollar had declined by one rupee and four paise, settling at Rs280.05 in the Interbank market.

Concurrently, currency dealers reported a decrease of Rs0.50, bringing the open market rate to Rs280.

Over the course of just one month, the US dollar has depreciated by an impressive Rs25.50 paise in the Interbank market and an unprecedented Rs50 in the open market.