Karachi: Due to crackdowns against various suspected sectors, includingimported car dealers and gold traders, interbank rate of the dollar below288 rupees, the lowest in 47 days, while the open rate also reached 290rupees, the lowest in 78 days.
During the business hours in the interbank market, the dollar’s value haddropped to 288 rupees down by 1 rupee and 15 paise, dollar’s value closedat 288 rupees , down by 1 rupee and 5 paise.
Similarly, in the open currency market as well, the dollar’s value closedbelow 290 rupees, down by 1 rupee, due to a crackdown by the State Bank onillegal activities, extensive monitoring and punitive actions againstexchange companies of every category, oversight of suspicious sectorsinvolved in foreign currency smuggling, and subsequent arrests and actionsbased 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 ondollar, pound, and euro bonds for overseas Pakistanis, 6.62 billion dollarshave flowed into Roshan Digital Accounts, and in the coming days, not onlycan the country’s reserves for foreign exchange increase further, but itmay also be possible to control the rate of excessive gold.
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Experts say that in addition to the news of the World Bank’s loan forPakistan, factors such as vigilance on smuggling, like crackdowns andoperations in Afghan transit trade, have also contributed to the decline inthe dollar.
