Rupee rises for third day, dollar drops to Rs283.50

(Web Desk): For the third consecutive day, the Pakistani rupee continued to strengthen, leading to a decline in the US dollar’s value in currency markets.

According to the Exchange Companies Association of Pakistan (ECAP), the interbank rate for the US dollar fell by 72 paisas, bringing it down to Rs283.50. In the open market, the dollar experienced a further significant drop of Rs1, sliding from Rs287.60 to Rs286.60.

Over the past three days, the dollar has depreciated by Rs2.30 in the open market and Rs1.50 in the interbank market.

ECAP Chairman Malik Bostan stated that exporters, seeing the dollar’s declining trend, have started selling their dollars in the market. He advised importers not to rush their purchases, as the dollar is expected to become even cheaper.

He suggested that the dollar may drop further to Rs280, and possibly even Rs270.

Malik Bostan added that ongoing crackdowns against hawala/hundi networks are also contributing to the dollar’s decline. Furthermore, the State Bank of Pakistan has halted its dollar purchases from the interbank market, which is likely to bring the dollar’s value down even more.