Rupee persistently gains ground against Dollar
(Web Desk)- The US dollar continues to fall against the Pakistani rupee, which appears to be regaining all of the ground it lost in recent weeks.
The American currency fell by Rs1.25 in the interbank market at the start of the day’s trade on Tuesday. According to currency dealers, the US dollar is currently trading at Rs294.70.
In the open market, the dollar fell by Rs1 and started trading at Rs296.
In the interbank market on Monday, the Pakistani rupee resumed its extraordinary upward trajectory against the US dollar, signaling a good start to the trading week.
The gap between the interbank rate and the dollar’s value in the open market has further narrowed as the American currency depreciated by Rs1.25 on Monday morning.
At the opening of Monday’s trading session in the interbank currency market, the US dollar was being exchanged at Rs295.35.
Over the course of the last week, the Pakistani rupee exhibited a robust performance, appreciating by 1.43% or Rs4.31 against the dollar. This notable strengthening of the rupee is attributed to reduced demand for dollars in the parallel or unofficial market.
The rupee appears to be gaining all the strength against the dollar at the back of a massive countrywide crackdown on dollar hoarding.
The FIA and other sensitive agencies have decided to conduct raids on the houses of mafias to recover the hoarded American currency.
Sources say that the houses will be identified through the data collected from exchange companies. They further say that the FIA and sensitive agencies will conduct targeted raids at residences and take action.
The sources further said those hoarding dollars at their houses will face punishments of arrests and jail terms.
Since launching the crackdown on dollar hoarders and mafia, the American currency has depreciated by Rs31.