In the most recent week’s interbank trading, the US Dollar saw a notable decline of 4.02 rupees, closing at 287.74 rupees as opposed to the previous week’s 291.76 rupees. This signifies a significant drop in the value of the US Dollar.
Over the past few weeks since the commencement of September, the US Dollar has consistently experienced a devaluation against the Pakistani Rupee in the open market. In the span of just one week, the US Dollar depreciated by 5.50 rupees in the open market, going from 293.50 to 288 PKR.
It’s noteworthy that the repercussions of this trend extend beyond the US Dollar. Other foreign currencies have also witnessed a decline in their worth in the open currency market. As the US Dollar weakened, the Euro, for instance, underwent a reduction of 9 rupees, shifting from 315 to 306 Pakistani rupees within a week.
Similarly, the British Pound Sterling experienced a depreciation of 18 rupees, plummeting from 371 to 353 rupees.
The surge in the rupee’s value against the dollar can be attributed, in part, to a comprehensive crackdown on illicit currency activities carried out by law enforcement agencies nationwide.
Additionally, the State Bank of Pakistan has issued directives to commercial banks, compelling them to establish their own exchange companies as wholly-owned subsidiaries. This move has also contributed to shaping the unfolding scenario.
During that period, the buying and selling rates of the dollar in the open market had soared to as high as Rs. 322 and Rs. 325, respectively.