KARACHI: The dollar has conceded 7 rupees in local currency and is trading at 316 rupees on the open market, foreign exchange dealer ARY News reported on Wednesday.
The Pakistani rupee gained ground in the open market as the dollar fell by 12 rupees in two days.
The dollar was trading at 306.90 rupees in the interbank market, down 20 paisa, foreign exchange dealers said.
Banks are supplying importers with dollars at 307.40 rupees per dollar, currency dealers said.
The local currency continued its decline against the US dollar in the interbank market on Tuesday, dropping another 1 rupee. At $1.46 against the dollar, it strengthened its position in the open market.
Data shared by the National Bank of Pakistan showed that the dollar was trading at 307.10 rupees in the interbank market as of yesterday’s close, up 0.48 per cent from the previous close of 305.64 rupees.
The US dollar (USD) rate fell on the open market yesterday after an administrative crackdown and the deployment of plainclothes law enforcement officers at money changers across the country.
“Law enforcement officers are monitoring the buying and selling of dollars at exchange companies,” said Zafar Paracha, secretary-general of the association of exchange companies.
Plainclothes law enforcement officers are stationed on the premises of money changers across the country.
“We had asked the government to place plainclothes officers outside the exchange companies,” said Malik Bostan, president of the Pakistan Foreign Exchange Association. “Our members were complaining that black mafia agents were causing them headaches,” he said.
“These agents trap people who come to exchange companies for dollars outside the company’s premises,” Bostan said.