Amid heavy crackdown on speculators, hoarders, and smugglers, the US dollar rate has seen a decline in the open market. The Dollar has dropped by Rs21 in two days, now trading at Rs310 per USD compared to its value before the crackdown on Monday. As a result, the disparity between the open market and the interbank rates has narrowed to 0.9%, below the IMF’s recommended level of 1.25%.

Apart from the official Kerb market, where the dollar is currently trading at PKR 310/313 per USD [as of 2:55 pm PST], even the black market for Hawala/Hundi has witnessed a substantial decrease in dollar rates.

According to sources, the Dollar is presently being traded at PKR 318/323 per USD in the black market, a notable drop from the previously recorded rates of 330/340. Earlier, the increasing demand for dollars driven by speculation and smuggling had consistently widened the gap between open market and interbank rates, raising significant concerns.

On September 4, 2023, the gap had surged to Rs25.30 per USD, equivalent to 8.03%, significantly exceeding the IMF’s recommended threshold.

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