Due to the government’s crackdown on currency smugglers, hoarders, and black marketers, the Pakistani rupee significantly strengthened versus the US dollar during intraday trade in Karachi.
On Monday, the local currency regained more than Rs4 in a single day, and the dollar was trading below the Rs300 level in the open market.
According to Tahir Abbas, Head of Research at Arif Habib Limited (AHL), “the rupee has gained significantly in the open market in a week due to the government’s action against the smuggling of the currency in big cities,” he stated in an interview with Geo.tv.
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“Given the ongoing depreciation of our currency, this was a very crucial action. The International Monetary Fund (IMF) also demanded that the rupee-to-dollar exchange rate be maintained at a differential of 1.25 percent, he continued.
According to him, additional corrections of up to Rs10–15 are anticipated in the upcoming days.
Following meetings with influential businesspeople in Lahore and Karachi, Pakistan’s Chief of Army Staff (COAS) General Syed Asim Munir declared a campaign against illegal money smugglers and hoarders. In order to promote “transparency” in the dollar exchange and interbank rates, Gen. Munir guaranteed the business community.
According to traders cited by The News, the rupee appeared ready to continue its recovery in the upcoming week, helped by administrative measures and strong dollar inflows from exports and remittances.
The rupee’s strength was aided by exporters selling dollars and remittances returning to the interbank market due to the closing gap between the official banking market and the black market.
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After closing at 305.64 to the dollar on last Monday in the interbank market, the rupee last week fell to a historic low of 307.10 versus the dollar. At the end of the session last week, the currency had risen to 302.95 after beginning to gain strength. The currency’s value against the US dollar climbed by 1.45% over the previous three trading sessions.
“Exporters have sold dollars on a big scale. The rupee appreciated in the interbank market as a result of their dollar sales. The increasing trend of the rupee is expected to continue in the coming days, according to a trader at a reputable commercial bank who asked to remain unnamed.
The rupee’s decline to 333.7 versus the dollar at the beginning of September increased the difference between the two currency markets to almost 9%, much above the IMF’s target of 1.25%.
The spread between the interbank exchange rate and the open market rate has now decreased to 1.3%.
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