The US dollar’s value took a downward turn in both the interbank and open markets, signaling positive news for the Pakistani economy.
On the opening day of the business week, the dollar saw a notable decline of one rupee and seventy paisa, settling at 290 paisa in the interbank market. This is a considerable drop from its closing rate of 291.76 paisa at the end of the previous week.
Over the past 14 days, the US dollar has depreciated by an impressive Rs 16.40 in the interbank market, hitting a 6-week low against the Pakistani rupee. In the open market, the dollar’s value also experienced a reduction of 50 paisa, currently standing at Rs 293.
It is essential to highlight that federal and provincial governments have launched extensive crackdowns against dollar smuggling and counterfeiting activities across the country. These concerted efforts contribute to the steady decline in the US dollar’s value, offering a positive outlook for Pakistan’s economic stability.