Karachi September 11 2023: Pakistani Rupee on Monday continue to strengthened both in interbank and Open market 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 1.92 or 0.6 percent, bringing its trading rate to 301.03 (PST 14:51) against the Dollar. Notably, during the previous session, the Rupee concluded trading at 302.95 against the Dollar in the same market.
Consequently 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 (PST 14:50) 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.
Accordingly, complete lists of the elements involved in illegal economic activities have been prepared; and an extensive crackdown is underway.