The Pakistani rupee strengthened further on Tuesday as the US dollar’s value plummeted below the Rs290 mark in the interbank market, reaching its lowest level in one and a half months.
On the second day of the business week, currency dealers reported that the dollar’s value depreciated by 1.11 paisas in the interbank market, now trading at Rs289.75.
Moreover, the open market saw a similar trend, with the dollar losing 50 paisas in value, now standing at Rs293.
This decline in the open market marks a 37-rupee decrease in just 20 days from its record level.
This development comes as a result of the ongoing crackdown against the dollar mafia, resulting in the rupee’s remarkable resurgence.
Notably, on the last day of the previous business week, the dollar dipped to Rs295 in the open market after experiencing a one-rupee drop.
This recent decline reflects a substantial reduction from the peak it reached on September 5 when it touched Rs333 in the open market.
In contrast, on September 5, the interbank market recorded a rate of Rs307.10 for the dollar, signifying a decrease of Rs16.45 from its highest level.
In the last two weeks, the rupee has witnessed a remarkable 4% increase in value, with an overall gain of more than 12 rupees.
