The Pakistani rupee, emboldened by the government’s crackdown on the currency smugglers, once against knocked down the US dollar in the interbank market on Monday. According to the information collected from the forex dealers, the local currency was surged by Rs1.95 against the greenback and was now being traded at Rs301. Cumulatively, the Pakistani rupee has appreciated 1.7% in the last four sessions against the greenback. Its surge in the open market, however, has been much more drastic.On Friday last, the Pakistani rupee continued its merry run against the US dollar, appreciating for the third consecutive session to settle at Rs302.95 in the interbank market. At close, the rupee was up Rs1.99 or 0.66%.

 In a key development, the top military brass had reiterated to continue full support to ongoing efforts in uplifting socioeconomic growth under the umbrella of Special Investment Facilitation Council (SIFC) and assisting the caretaker government in curbing all illegal activities which hamper economic stability, growth and investors’ confidence. In a related development, currency dealers, while lauding the role of Chief of Army Staff (COAS) Asim Munir, informed that exchange companies have surrendered $20 million to the interbank market during the last two days as there is no demand in the market.

 
Credit: Independent News Pakistan (INP)