In interbank trading, the US dollar rate falls to Rs 290.80

In interbank trading on Monday, the US dollar (USD) decreased by 0.96 Pakistani rupees (PKR) to trade at 290.80 rupees.
Foreign exchange dealers reported that “the USD goes down by 0.96 PKR this morning and trading in interbank at Rs290.80”.
According to currency dealers, banks are selling US dollars to importers for Rs290.20.
Foreign exchange dealers added that the dollar was trading at 293.50 Pakistani rupees on the open market.
The Pakistani rupee had been steadily losing value throughout 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 started a nationwide campaign to combat dollar smuggling and stockpiling. According to rumours, home raids would be carried out by the FIA and other secret agencies as part of a campaign against the hoarding of US money.
Following a crackdown on the currency mafia, the dollar has been losing ground against the Pakistani rupee, losing almost 34 rupees on the open market.