KARACHI – The Pakistan rupee continued to register gains on Monday against the US dollar in interbank and open markets as the government has tightened noose around those involved in smuggling and hoarding of dollars.
Data shared by the State Bank of Pakistan (SBP) showed the local currency appreciated by the 0.59 percent as the dollar closed at Rs301.16 from previous closing of Rs302.95.
In the open market, the foreign currency witnessed a decline of Rs4 against rupee to close at Rs299.
Last week, the embattled rupee continued its merry run against the greenback, appreciating for the third consecutive session to settle at Rs302.95 in the interbank market.
Currency dealers informed that exchange companies have surrendered $20 million to the interbank market during the last couple of days as there is no demand in the market.
Pakistani government decided to start a stern crackdown on dollar smugglers, hoarders as high-flying dollar stored in bank lockers will be checked using the latest technology. Federal Investigators reportedly got information about a large number of dollars stored in bank lockers as hoarding groups were involved in dollar smuggling.
The recent development comes as Army Chief General Asim Munir interacted with leading business community members and assured transparency in the dollar exchange and interbank rates.
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