Dollar drops below Rs283 as crackdown on currency smuggling yields results


KARACHI – A crackdown launched by the government on smuggling of currency coincided with effective administrative measures paved way for recovery of rupee against the US dollar. 

During today’s session, the greenback dropped below Rs283-mark against the local currency. Data shared by the State Bank of Pakistan (SBP) showed the dollar depreciated by 94 paisas to close at Rs282.68 against rupee in the interbank market. 

In the open market, the rupee appreciated by Rs2.50 as the dollar closed at Rs281.50 on Friday, the last day of the business week. 

Exchange Companies Association of Pakistan Secretary General Zafar Paracha the government has imposed ban on export of 222 suspicious items under the Afghan Transit Trade, adding that the payments for these items were made through hundi/hawala. 

He said the open market had witnessed an increase in dollar supply due to ban on these items. He said the measures being taken by the government to stop currency smuggling through airports have also brought positive results as greenback continued to lose ground against rupee. 

Paracha said the crackdown has forced the currency hoarders to sell the dollars in market, causing rupee appreciation in both interbank and open markets. 

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