KARACHI – Pakistani rupee continues to make gains against the dollar in the inter-bank market, as the government intensifies crackdown against hoarders.
Data shared by the State Bank of Pakistan shows that the rupee further moved up against the greenback, raking in gains for the seventh consecutive session. During the intra-day trading, the rupee moved up by Rs0.86 or around 0.29 percent and closed at 297.96.
In the last couple of sessions, PKR appreciated over 3 percent of its value as the interim government continued its crackdown against currency smugglers.
Internationally, the greenback hovered below a 3-month high; the US consumer price index (CPI) also moved up by 0.6pc last month.
As authorities tightened the noose against dollar smugglers, demand for local currency soared and concurrently supplies of foreign currency also increased.
