KARACHI: The rate of the US dollar in the open market dropped by Re1, reaching a rate of Rs 290 on Wednesday (September 27).

This marks a decline from the previous day when the dollar closed at Rs 291. In contrast, within the interbank market, the US dollar became Rs1.5 cheaper and was traded at Rs 288.75.

It is worth noting that over the past 16 days, the dollar has depreciated by Rs 18.35. This trend reflects the 16th consecutive increase in the value of the Pakistani rupee against the US dollar, following government actions against currency smuggling.

According to the State Bank of Pakistan (SBP), in the interbank market, the rupee settled at 288.75 after experiencing an increase of Rs 1.05.

Internationally, the US dollar remained near a 10-month high against major currencies on Wednesday. This was influenced by elevated Treasury yields, which indicated the potential for higher US interest rates in the future. Meanwhile, the Japanese yen weakened and approached a zone where intervention in the currency market is closely watched.