The ongoing crackdown on currency smuggling is proving a catalyst in bringing down the US dollar against the Pakistani rupee in the internet market for the 11th consecutive session on Wednesday. According to the data extracted from money traders, the local currency appreciated by another Rs1.15 against the greenback and was currently being traded at Rs293.75. On Tuesday, the Pakistani rupee had maintained its momentum for the 10th successive session against the US dollar, appreciating 0.36% in the interbank market. At close, the rupee had settled at Rs294.9 after an increase of Rs1.05 in the interbank market.

The Pakistani rupee has been on a merry run in recent days, strengthening after it hit a record low of Rs307.1 in the interbank market. The change in fortune comes as authorities introduced reforms in the Exchange Companies’ (ECs) sector and reportedly also cracked down on smuggling, lending support to the currency markets. The development slightly improves the outlook that had come under pressure over the ease in import restrictions that caused the current account deficit to widen in July.

 
Credit: Independent News Pakistan (INP)