The US dollar (USD) decreased against the Pakistani rupee (PKR) by 1.15 on Wednesday morning in interbank trading.
This morning, the USD is selling at Rs293 in the interbank market, down PKR 1.15.
Last week, as the rupee maintained its upward trend, the US dollar fell under Rs300 in the interbank market, according to currency dealers.
The Pakistani rupee (PKR) had been steadily losing value during August. The open market’s exchange rates for purchasing and selling the dollar were as high as Rs. 322 and Rs. 325, respectively.
The government has started a campaign to stop the stockpiling and smuggling of dollars. The FIA and secret agencies are rumoured to undertake home raids as part of a crackdown on those storing US dollars in order to retrieve the US cash.
Using information acquired from exchange businesses, reports claim that targeted residences have been identified. According to trustworthy reports, the dollar mafia has been hoarding dollars at their residences following a crackdown, according to sources.
According to insiders, “the agencies have a list of people who have purchased massive amounts of US currency.” According to authorities, anyone found keeping money in their homes would face jail time.
A crackdown on the currency mafia has resulted in the US dollar losing 31 Pakistani rupees on the open market.
