US dollar is now at Rs 293.80

ISLAMABAD: The Pakistani rupee continues its climb against the US dollar, gaining 70 paisa on Wednesday morning.

PKR posted an appreciation of Rs 1.45 in the inter-bank market on Tuesday, clocking in at Rs 294.50 to the USD. Wednesday saw further improvement when PKR was seen hovering around Rs 293.80 against the greenback, according to the Exchange Companies Association.

US dollar slips to Rs 294.50

In the open market, however, PKR remains under pressure against the USD, being sold around Rs 300 to the USD. Forex dealers said that the US Dollar was being sold at Rs 300 and bought at Rs 297 in the open market.

The rupee has been on a continuous improvement trend against the greenback for the past several days, after hitting the record low of Rs 307.10 to the USD. One of the primary reasons of this improvement is the intensified crackdown of the authorities on the illegal foreign exchange dealers and recovery of stashed away US Dollars. The clamping down on smuggling has also lent support to the currency market.