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KARACHI: The Pakistani rupee continued to recover the lost ground against the US dollar in the interbank market on Tuesday morning.
According to the Forex dealers, the rupee gained Rs1.16 against the US dollar and traded at Rs280.49 in the interbank.
The banks selling dollars to importers at Rs280.84, currency dealers said.
In the open market, the greenback depreciated by one rupee and being sold at Rs279.50 in the morning trade.
Amid a crackdown against dollar smuggling the US currency has shed 26.61 rupee in interbank trading since September 05.
The US dollar has dropped by Rs48.50 in the open market since Sept. 05.
Last week USD dropped to its lowest level in six months against the rupee and closed at 282.69 rupee.
With the Pakistani rupee’s surge against the US dollar in the open market, the gap with the inter-bank market continued to stay narrow and within the limits prescribed by the International Monetary Fund (IMF).
The rupee’s merry run against the dollar comes on the back of a countrywide crackdown against illegal currency business and smuggling.
