The value of the US dollar continued its downward spiral in the open market, as the greenback extended its depreciation trend on Wednesday (today).

In the open currency market, the US dollar experienced a significant depreciation as its worth went down by Rs10 on Wednesday, leading to its exchange rate reaching Rs312 in the open market.

Interbank closing #ExchangeRate for todayhttps://t.co/SytjyekglO #SBPExchangeRate pic.twitter.com/Nxvgd9SQ05
— SBP (@StateBank_Pak) September 6, 2023

This rapid decline marked a remarkable Rs18 drop in just two days.

In the interbank market, the American currency saw a minor drop of 12 paisas, and closed the day's trading session at Rs306.98.

This brings the difference between the greenback rates in the interbank and open currency markets to Rs5, reaching closer to the condition set by the IMF.

It's important to mention that the dollar didn't only drop in the open market; it also went down a little by 15 paisas in the interbank market, where it ended up at 307.25 rupees.

On Tuesday, the dollar had closed at 323 rupees, marking a 5 rupee decrease.

Interbank closing #ExchangeRate for todayhttps://t.co/FINffr34QO #SBPExchangeRate pic.twitter.com/lqTVJy7m1k
— SBP (@StateBank_Pak) September 5, 2023

Additionally, the Pakistan Stock Exchange has maintained a positive trend in its trading activities. The 100 Index is presently at 45,590 points, showing a gain of 100 points.

Govt launches crackdown on Dollar smuggling, hoarding

In a decisive move to curb illegal dollar smuggling and hoarding, the government has initiated a large-scale crackdown.

Sources have revealed that an exhaustive list of smugglers, facilitators, government officials, and patrons has been meticulously compiled.

The crackdown, set to be extensive and unrelenting, will target these individuals.

Furthermore, surveillance systems at land, sea, and airports are undergoing significant upgrades to ensure that illegal movements of goods and currency are swiftly intercepted and halted.