USD rate in open market drops below interbank: Forex dealers

KARACHI: The US dollar (USD) goes down below the interbank rate in open market citing Forex dealers, ARY News reported on Monday.

Dolar has dropped by 4.00 rupees in open market and trading at 298 rupees this evening.

“The greenback rate dropped by 2.35 rupees in interbank and trading at 300.60 Pakistani rupees,” Forex dealers said.

“The banks are selling dollar to importers at 301.05 Pakistani rupees,” currency dealers said.

The US dollar rate was at parity in interbank as well as in the open market, earlier in the day.

The dollar’s buying has been scarce, while sellers’ number has soared in exchange companies.

Pakistani rupee (PKR) has made impressive recovery against the US dollar in recent days.

President Forex Association of Pakistan Malik Bostan earlier said that the US dollar will enter in the reverse gear mode and will drop to Rs 300.

It is pertinent to mention here that the caretaker government announced crackdown against dollars smuggling following the identification of facilitators linked to government officials.

To combat dollar smuggling, hoarding, and organized crime, the caretaker government has decided to launch comprehensive crackdown.

The identification of facilitators and patrons among government officials has already taken place, and a list has been compiled for this purpose, sources said.