ISLAMABAD – The Pakistan rupee continued its positive trajectory against the US dollar in both interbank and open markets as the authorities intensified their crackdown.
The local currency moved up by Rs2.16 in the interbank market on Tuesday, as its merry run against the greenback continued for fifth consecutive session.
During the intraday trading, once embattled rupee was hovering at Rs299.
The appreciation of the US dollar is being commended and is likely to dent soaring inflation.
In previous sessions, the local unit appreciated by around 2pc of its total value. Furthermore, the gap between the interbank market and the open market also shrank massively.
Pakistan’s interim government launched a massive crackdown against the elements involved in dollar smuggling, and hoarding to prevent damage to the national economy. The government has also ordered to take strict action against unauthorised money changers and other mafias operating in the country.
