Dollar crusade continues against weak rupee in interbank

KARACHI: The greenback surge against the local currency has continued in the interbank trade on Tuesday as the U.S. dollar hovers around the historic peak it covered earlier last week with current Rs171.7 standing, ARY News reported.

The dollar value increased Rs0.34 against Pakistani rupee during the interbank trade today taking it close to Rs171.25 height it scaled the past week.

Rupee loses more ground against US dollar

For yesterday’s trade, the Pakistani rupee depreciated Rs0.21 against the U.S. dollar in the inter-bank currency market on the first trading day of the week.

According to the State Bank of Pakistan (SBP), the local currency closed at Rs170.74 against the greenback, registering appreciation of 21 paisas over the previous close of Rs170.53.

FIA detains 8 suspects involved in smuggling of dollars to Afghanistan

It is pertinent to note that the Federal Investigation Agency (FIA) arrested yesterday 8 suspects over their alleged involvement in the smuggling of foreign currencies worth millions of rupees.

According to details, the Commercial Banking Circle of Federal Investigation Agency raided a money exchange company in Karachi’s Saddar and Gulshan-e-Iqbal area and busted gang involved in illegal business of ‘hawala and hundi’.

The FIA team also recovered local and foreign currency from the possession of suspects during Karachi raids. Mobile phones, laptops and other documents were also seized.