Corrective measures taken by the government have started yielding results as the Pakistani Rupee on Monday (Sept 11) gained Rs 1.78 against the US dollar in the Inter bank trading and closed at Rs 301.16 against the previous day’s closing of 302.94.
However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market stood at Rs 298.1 and Rs 301 respectively.
The price of the Euro decreased by Rs 1.46 to close at Rs 323.02 against the last day’s closing of Rs 324.48, according to the State Bank. The Japanese Yen remained unchanged and stood at Rs 2.05, whereas a decline of Rs 1.33 was witnessed in the exchange rate of the British Pound, which traded at Rs 377.17 as compared to the last closing of Rs 378.50.
The exchange rates of the Emirates Dirham and the Saudi Riyal decreased by 49 and 47 Paisa to close at Rs 81.99 and Rs 80.29 respectively.
To prevent smuggling and hoarding of dollars, the government launched a massive crackdown against the elements involved in dollar smuggling, hoarding and organized crime cartels, causing loss to the national economy.
Strict action is being taken after the identification of facilitators and patrons of government officials indulged in illegal economic activities. It is evident from the data that the government strategy has started working as the Pakistani Rupee is gaining gradual strength.
On September 5 rupee against dollar in the Inter bank trading stood at Rs 307.09 and by September 11 it came down to Rs 301.16, price of the Euro declined to Rs 323.02 from Rs 330.13, British Pound to Rs 377.17 from Rs 385.22, Emirate Dirham to Rs 81.99 from Rs 83.60 and Saudi Riyal to Rs 80.29 from Rs 81.87. Whereas the buying and selling of the dollar in the open market came down from Rs 320.8 to Rs 298.1 and Rs 324 to Rs 301 respectively.
