Karachi September 12 2023: Pakistani Rupee on Tuesday continue to strengthened in interbank due to selling of dollars at lower rates by exchange companies to banks after the introduction of exchange companies’ structural reforms by central bank and government action against smuggling and hoarding of dollars.
In the interbank market, the Pakistan Rupee has dropped by PKR 1.41 or 0.5 percent, bringing its trading rate to 299.75 (PST 10:05) against the Dollar. Notably, during the previous session, the Rupee concluded trading at 301.16 against the Dollar in the same market.
In open market, Pakistan Rupee gains PKR 35 rupees in last four days against the dollar. The buying and selling rates of the dollar in the open market on Monday quoted at PKR 298 and PKR 301 respectively.
To prevent smuggling and hoarding of dollar, the government launched a massive crackdown against the elements involved in dollar smuggling, hoarding and organized crime cartels, causing loss to the national economy.
Strict action is being taken after the identification of facilitators and patrons of government officials indulged in illegal economic activities.
