Pakistani Rupee continue to rise against US Dollar
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Karachi: Due to crackdowns against various suspected sectors, including imported car dealers and gold traders, interbank rate of the dollar below 288 rupees, the lowest in 47 days, while the open rate also reached 290 rupees, the lowest in 78 days.
During the business hours in the interbank market, the dollar's value had dropped to 288 rupees down by 1 rupee and 15 paise, dollar's value closed at 288 rupees , down by 1 rupee and 5 paise.
Similarly, in the open currency market as well, the dollar's value closed below 290 rupees, down by 1 rupee, due to a crackdown by the State Bank on illegal activities, extensive monitoring and punitive actions against exchange companies of every category, oversight of suspicious sectors involved in foreign currency smuggling, and subsequent arrests and actions based on intelligence, the backbone of dollar smugglers has been broken, resulting in a gradual increase in the supply of dollars in the market, which is strengthening the rupee against the dollar.
From the government's side, with recent increases in the return rates on dollar, pound, and euro bonds for overseas Pakistanis, 6.62 billion dollars have flowed into Roshan Digital Accounts, and in the coming days, not only can the country's reserves for foreign exchange increase further, but it may also be possible to control the rate of excessive gold.
Experts say that in addition to the news of the World Bank's loan for Pakistan, factors such as vigilance on smuggling, like crackdowns and operations in Afghan transit trade, have also contributed to the decline in the dollar.
