Pakistani rupee makes significant recovery against dollar in open market

KARACHI: The Pakistani rupee (PKR) made another aggressive recovery against the US dollar (USD) in the open market, rising by Rs11 against the greenback, ARY News reported on Wednesday.

According to the Forex Association of Pakistan, the rupee had gained Rs11 against the dollar and closed at Rs312 in the open market. It added that banks sold the dollar to importers at Rs 307.50.

In the interbank market, however, the Pakistani rupee (PKR) gained 13 paisa against the dollar to come to 306.98 from yesterday’s close of 307.10.

Interbank closing #ExchangeRate for todayhttps://t.co/SytjyekglO #SBPExchangeRate pic.twitter.com/Nxvgd9SQ05

— SBP (@StateBank_Pak) September 6, 2023

The forex association reported that US dollar (USD) had ended at Rs323 against Pakistani Rupee (PKR) in the open market the previous day.

It is pertinent to mention here that the caretaker government has announced the commencement of a crackdown against greenback smuggling following the identification of facilitators linked to government officials.

To combat dollar smuggling, hoarding, and organized crime, the caretaker government decided initiating a comprehensive crackdown.

The identification of facilitators and patrons among government officials has already taken place, and a list has been compiled for this purpose.

A day earlier, it was reported that the US Dollar (USD) rate dropped in the open market after an administrative crackdown and deployment of plain-clothed law enforcement personnel at exchange companies across the country.

“The law enforcement personnel monitoring dollars’ sale and purchase in exchange companies,” secretary exchange companies body Zafar Paracha has said.

Plain-clothed law enforcement personnel have been deployed on the premises of exchange companies across the country.

“We had requested to the administration to deploy plain-clothed officials outside the exchange companies,” President Forex Association of Pakistan Malik Bostan stated. “Our members had complained that the black mafia agents giving headache to them,” he said.

“These agents grab the people, coming to the exchange companies for dollars, outside the premises of the companies,” Bostan stated.