US dollar reaches below Rs 300 mark

KARACHI: The Pakistani rupee strengthened further against the US dollar, appreciating another 0.35 percent during the opening hours of trading in the inter-bank market on Wednesday.

At midday, the rupee was hovering at 298.85, an increase of Rs1.04, in the inter-bank market.

However it seems as if the rupee’s appreciation run in the open market has come to a stop as the Pakistani currency inched lower against the US dollar, and was hovering at the 301 level on Wednesday.

According to Forex dealers, rupee was being quoted at 301 for selling and 298 for buying purposes for customers in the open market, marginally weaker from Tuesday’s levels.

Pakistan witnesses increase in gold price

At close of trading on Tuesday, the rupee had ended at 300 and 297 for selling and buying purposes, respectively, according to data provided by the Exchange Companies Association of Pakistan (ECAP).

The rates are still more or less equal to the rupee’s value in the inter-bank market, a rare occurrence for the local currency that has seen a volatile ride in the past few weeks.

The currency has been on an appreciation run since the government announced a crackdown against hoarders and smugglers of local currency last week, with a more pronounced change witnessed in the open-market.