Karachi, September 8, 2023 – The Pakistani Rupee (PKR) witnessed a sharp and significant recovery against the US dollar in intraday trading on Friday, as authorities continued their relentless crackdown against currency smuggling and the black market.
In intraday trading within the interbank foreign exchange market, the exchange rate recorded an impressive gain of PKR 2.94 in the value of the rupee, resulting in it trading at PKR 302 against the US dollar. This surge in the PKR’s value can be attributed to the stringent measures taken by the authorities to curb illegal currency activities.
READ MORE: Massive Recovery of PKR as Pakistan Launches Crackdown on Currency Smuggling
Currency experts have noted that the massive crackdown initiated by the authorities has been a driving force behind the remarkable recovery of the rupee, both in the interbank and open markets. These efforts have had a direct impact on stabilizing the exchange rate.
READ MORE: Pakistani Rupee Makes Sharp Recovery to End at PKR 304.94 to the Dollar
The recent uptick in demand for PKR stems from sellers who are eager to convert their US dollar holdings into the local currency. The intensified crackdown against currency hoarding, smuggling, and black market trading has created an environment where the official exchange rate becomes more attractive and reliable for traders and investors.
READ MORE: PKR Recovers Against US Dollar in Volatile Interbank Trading
This development follows Pakistan’s recent announcement of a comprehensive crackdown against illegal currency smuggling and hoarding. The impetus for this initiative was a meeting between Army Chief General Syed Asim Munir and influential business figures in Lahore and Karachi. During this meeting, the Army Chief pledged to foster transparency in dollar exchange rates and interbank operations, reassuring the business community.
READ MORE: Rupee Hits Fresh Low at PKR 307.10 to Dollar in Fathomless Journey
The ongoing efforts to combat illegal currency activities and promote transparency in the foreign exchange market have played a crucial role in restoring confidence in the local currency. The authorities’ vigilance and commitment to enforcing these measures have been instrumental in achieving this sharp recovery of the PKR’s value, not only in intraday trading but also in the broader financial landscape.
