After the decline of the US Dollar, the Euro, Pound, Dirham, and Riyal also experience substantial drops in the open market.
According to media sources, the Euro has depreciated by Rs 8, now standing at Rs 305, while the Pound has dipped by Rs 13 to reach Rs 355. The Dirham has decreased by Rs 6.30, reaching Rs 72.70, and the Rial has fallen by Rs 3.70, settling at Rs 71.70.
Meanwhile, in the interbank market, the US Dollar concluded at Rs 275.44, marking a decrease of Rs 10.55.
Malik Bustan, a financial expert, has suggested that the US Dollar’s value in the interbank market may hover between Rs 260 and Rs 270. He attributes the prior increase in the dollar’s value to the government’s flawed policies, which prompted importers to resort to informal channels like Hawala Hindi to purchase dollars.
Bustan also notes that speculators have initiated dollar selling in the market, potentially driving the interbank rate down further.
Earlier, following a government crackdown aimed at curbing the black market trade in major Pakistani cities, the Pakistani rupee continued to strengthen against the US dollar, marking another significant gain of three points in the open market on Thursday.
As reported by the Exchange Companies Association of Pakistan (ECAP), the rupee rebounded to a rate of 298 against the US dollar by the end of the day, reflecting the 3-point increase in its value in the open market.
Meanwhile, the State Bank of Pakistan confirmed that the rupee appreciated by 0.29%, closing at a rate of 297.96 against the US dollar.
Earlier this month, a series of raids targeted operators in the black market, prompted by the Pakistani rupee’s alarming drop to a record low of Rs333.7 on September 5.
This army-backed initiative was set in motion following appeals from dealers to Chief of Army Staff (COAS) Gen Asim Munir, urging him to take decisive action to combat the surging value of the dollar.
Thanks to these concerted efforts, the Pakistani currency rebounded to a level below 300 per dollar in the open market earlier this week, leading to the influx of tens of millions of dollars back into the country’s interbank and open markets, according to dealers.