The US dollar continues to slide further against the Pakistani rupee and drop below the historic Rs300 mark.
On Thursday morning, the American currency depreciated in the interbank market, and lost another 82 paisas.
At the opening of Thursday’s trading session in the interbank currency market, the dollar was being traded at Rs298.
At the closing of the day's trade, the US currency lost 86 paisas, and was traded at Rs297.96.
In the open currency market also, the rate of dollar has started to depreciate after a day’s pause.
The value of the US currency has fallen to Rs298 in the open market after a drop of Rs2 on Thursday afternoon.
This has brought the value of the greenback to equal levels.
On Wednesday also, the Pakistani rupee saw a rise against the US dollar after weeks of losses that also saw it cross the historic Rs300 landmark.
On Wednesday morning, the local currency gained some more strength against the mighty American currency in the interbank market. The US dollar shed a further 89 paisas in the interbank market and was traded at Rs299 in the morning.
A short while later, the currency slipped further below the Rs300 mark. as it lost Rs1.39 in the exchange market and was traded at Rs298.50.
As the day proceeded, the rupee lost 89 paisas, and was traded at Rs299.
In the open market, however, the rise of the rupee came to a halt once again. The local currency maintained its stability at Rs299.
A crackdown on smuggling and speculation in the currency market has aapparently played a pivotal role in reversing the rupee's fortune.
The reports of the army chief's intervention and the deployment of law enforcement personnel at currency dealer outlets have also contributed significantly to the rupee's resurgence and kept a check on the currency's hoarding and smuggling.
