KARACHI – Pakistani rupee continues to recover as authorities started a crackdown on the currency smugglers.
Data shared by forex dealers shows the local unit moved by Rs1.95 against the USD and was now being hovered around Rs301 during the early hours of trading.
Last week, the embattled rupee continued its merry run against the greenback, appreciating for the third consecutive session to settle at Rs302.95 in the interbank market.
Currency dealers informed that exchange companies have surrendered $20 million to the interbank market during the last couple of days as there is no demand in the market.
Pakistani government decided to start a stern crackdown on dollar smugglers, hoarders as high-flying dollar stored in bank lockers will be checked using the latest technology. Federal Investigators reportedly got information about a large number of dollars stored in bank lockers as hoarding groups were involved in dollar smuggling.
The recent development comes as Army Chief General Asim Munir interacted with leading business community members and assured transparency in the dollar exchange and interbank rates.
More to follow…
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