Daily Times

The Pakistani rupee has appreciated narrowing the exchange-rate gap with the inter-bank market, as it started its merry ride against the US dollar on Monday.The value of the Pakistani rupee has witnessed a surge, leading to a decrease in the price of the US dollar in the open currency market.According to dealers, the US dollar has become cheaper by one rupee against the Pakistani rupee, with the current exchange rate standing at 296 rupees.Dealers and currency experts have attributed this positive development to several factors, including a rise in foreign remittances, increased exports, and improved economic stability.In addition to the open currency market, the interbank market has also experienced a decline in the US dollar’s value against the Pakistani rupee.Dealers report that the dollar rate in the interbank market increased by 16 paisa to reach Rs 287.35.It is worth mentioning that the US dollar has experienced a significant decrease in value in the open market over the past few days.On Friday, the last working day for the currency markets, the US dollar lost around Rs3.39 in the interbank while in the open market, it was being traded for Rs212.50.