The US dollar continues to slide further against the Pakistani rupee that appears to be gaining all the ground it lost over the past few weeks.
At the opening of the day’s trade on Tuesday, the American currency saw a dip of Rs1.25 in the interbank market.
The greenback was traded at Rs294.70 in the morning, as per currency dealers. A short while later, the dollar fell to Rs1.15 and reached the value of Rs294.80.
Later, the American currency depreciated by another Rs1.05 and traded at Rs294.94 in the interbank market on Tuesday afternoon.
In the open market also, the dollar witnessed a slump of Re1 and began trading at Rs296.
On Monday also, the Pakistani rupee continued its remarkable upward trajectory against the US dollar in the interbank market, marking a promising start to the trading week.
Also Read: Pakistani rupee maintains winning streak against US dollar
The gap between the interbank rate and the dollar's value in open market has further narrowed as the American currency depreciated by Rs1.25 on Monday morning.
At the opening of Monday's trading session in the interbank currency market, the US dollar was being exchanged at Rs295.35.
Over the course of the last week, the Pakistani rupee exhibited a robust performance, appreciating by 1.43% or Rs4.31 against the dollar. This notable strengthening of the rupee is attributed to reduced demand for dollars in the parallel or unofficial market.
The rupee appears to be gaining all the strength against the dollar at the back of a massive countrywide crackdown on dollar hoarding.
The FIA and other sensitive agencies have decided to conduct raids on the houses of mafias to recover the hoarded American currency.
Sources say that the houses will be identified though the data collected from exchange companies. They further say that the FIA and sensitive agencies will conduct targeted raids at residences and take action.
The sources further said those hoarding dollars at their houses will face punishments of arrests and jail terms.
Since launching the crackdown on dollar hoarders and mafia, the American currency has depreciated by Rs31.
