The government’s corrective actions are yielding positive results as the Pakistani Rupee demonstrated a significant gain of Rs1.78 against the US dollar in interbank trading, closing at Rs301.16 compared to the previous day’s rate of Rs302.94.
In the open market, as reported by the Forex Association of Pakistan (FAP), the dollar’s buying and selling rates were Rs298.1 and Rs301 respectively, indicating a favorable trend.
Additionally, the Euro witnessed a decrease of Rs1.46, closing at Rs323.02 according to the State Bank of Pakistan (SBP). The Japanese Yen remained stable at Rs2.05, while the British Pound experienced a decline of Rs1.33, trading at Rs377.17 compared to the previous closing at Rs378.50.
Furthermore, the exchange rates for the Emirates Dirham and Saudi Riyal saw declines of 49 and 47 paisa, respectively, closing at Rs81.99 and Rs80.29.
To combat illegal activities like dollar smuggling and hoarding, the government has initiated a robust crackdown on those involved, including organized crime cartels and facilitators. This concerted effort aims to mitigate losses to the national economy and has led to strict actions against government officials engaged in illegal economic activities.
The data indicates that these government measures are beginning to bear fruit, with the Pakistani Rupee gradually strengthening. For instance, in just a week, from September 5 to September 11, the Rupee appreciated against the dollar from Rs307.09 to Rs301.16. Similarly, the Euro, British Pound, Emirates Dirham, and Saudi Riyal all showed positive trends.
In the open market, the Rupee also gained strength, with buying and selling rates for the dollar dropping from Rs320.8 to Rs298.1 and Rs324 to Rs301, respectively.
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