Rupee surges Rs1.04 against US dollar as recovery continues

Pakistani rupee on Tuesday witnessed the 11th consecutive recovery session as it gained Rs1.04 against the US dollar in the interbank trading and closed at Rs 294.90 against the previous day’s closing of Rs 295.94.

The recovery of the Pakistani rupee comes on the back of strong support from administrative measures like a crackdown on currency smugglers and hoarders.

According to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market stood at Rs295.6 and Rs 298.5 respectively.

The price of the Euro decreased by 34 paisa to close at Rs315.28 against the last day’s closing of Rs 315.62, according to the State Bank of Pakistan (SBP).

Read more: Anti-smuggling drive lifts rupee further

The Japanese Yen came down by 1 paisa to close at Rs1.99, whereas a decrease of Rs 1.09 was witnessed in the exchange rate of the British Pound, which traded at Rs365.32 as compared to the last closing of Rs366.41.

The exchange rates of the Emirates Dirham and the Saudi Riyal declined by 28 and 27 paisa to close at Rs 80.29 and Rs 78.62 respectively.

The Express Tribune earlier quoted Topline Securities as saying that the caretaker government, along with the State Bank of Pakistan (SBP), took several measures to cool down demand in the open market which resulted in appreciation of the Pakistani rupee.

These included tightened security along borders to prevent currency smuggling, closure of exchange companies involved in illicit activities, SBP directives to category 'B’ exchange firms and franchises to either merge with full-fledged entities or sell their businesses to stronger counterparts.