Karachi September 13 2023: On Wednesday, the Pakistani Rupee in the interbank market continued to strengthen, mainly because exchange companies were selling dollars to banks at lower rates.
Over the past week, the State Bank of Pakistan has implemented structural reforms for exchange companies, and the government has initiated measures to combat the smuggling and hoarding of dollars.
In the interbank market, the Pakistani Rupee has appreciated by PKR 1.59 or 0.5 percent, resulting in a trading rate of 298.3 (as of 10:10 AM PST) against the US Dollar. It’s worth noting that in the previous session, the Rupee had concluded its trading at 299.89 against the Dollar in the same market.
In the open market, the Pakistani Rupee has strengthened by PKR 36 against the US Dollar over the past four days. The buying and selling rates of the Dollar in the open market on Tuesday were quoted at PKR 297 and PKR 300, respectively.
To curb the illicit activities of dollar smuggling, hoarding, and organized crime cartels that have been detrimental to the national economy, the government has launched an extensive crackdown.
Stringent measures are being enforced, including the identification and prosecution of individuals who have facilitated and supported government officials involved in unlawful economic activities.
