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.
In the interbank market, the dollar's value plummeted below the Rs 290 mark, reaching Rs 289.80, reflecting a substantial depreciation of Rs1.06.
Over a span of just three weeks, this depreciation amounted to Rs17.30, according to interbank dealers.
Meanwhile, in the open market, the dollar also saw a drop of Rs2, now standing at Rs291, as reported by currency dealers.
Interbank closing #ExchangeRate for today https://t.co/4maBgCIoV5#SBPExchangeRate pic.twitter.com/KOrJRJtHa3
— SBP (@StateBank_Pak) September 26, 2023
This decline in the open market has been even more pronounced over the p ast three weeks, with the dollar shedding a total of Rs39 from its record high.
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.
