Rupee on recovery path; gains Rs1.78 against dollar

F.P. Report

ISLAMABAD: Corrective measures taken by the government have started yielding results as the Pakistani Rupee on Monday gained Rs1.78 against the US dollar in the interbank trading and closed at Rs301.16 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 Rs298.1 and Rs301 respectively.

The price of the Euro decreased by Rs1.46 to close at Rs323.02 against the last day’s closing of Rs324.48, according to the State Bank of Pakistan.

The Japanese Yen remained unchanged and stood at Rs2.05, whereas a decline of Rs1.33 was witnessed in the exchange rate of the British Pound, which traded at Rs377.17 as compared to the last closing of Rs378.50.

The exchange rates of the Emirates Dirham and the Saudi Riyal decreased by 49 and 47 paisa to close at Rs81.99 and Rs80.29 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 interbank trading stood at Rs307.09 and by September 11 it came down to Rs301.16, price of the Euro declined to Rs323.02 from Rs330.13, British Pound to Rs377.17 from Rs385.22, Emirate Dirham to Rs81.99 from Rs83.60 and Saudi Riyal to Rs80.29 from Rs81.87. Whereas the buying and selling of the dollar in the open market came down from Rs320.8 to Rs298.1 and Rs324 to Rs301 respectively. (APP)