US Dollar nosedives to Rs157.5 in open market

07:45 PM | 2 Jul, 2019
US Dollar nosedives to Rs157.5 in open market

KARACHI - The US dollar dropped in the interbank and open markets on Tuesday, days after it skyrocketed against the Pakistani currency.

The US dollar dipped by Rs2.30 in the interbank to be traded at Rs157.75. Similarly, it dropped by Rs3.50 to fall to Rs157.50 in the open market at the end of the day's trading, recovering from historic lows since the central bank intervened last week.

Last week, the greenback hit record highs of Rs164.05 in the interbank and Rs164.50 in the open market, however, market trends show it declining in recent days.

The recent devaluation of US Dollar could be attributed to a high-level meeting chaired by Prime Minister Imran Khan wherein it was decided to curb money laundering and currency smuggling.