The past week has witnessed the Pakistani currency gaining momentum, with a 1.79 percent increase in five sessions, closing at 277.62 against the US dollar. On Monday, there was a 0.29 percent increase, settling the local unit at 276.83.
In the inter-bank market during morning trading hours, the Pakistani rupee was quoted at 275.50, reflecting a gain of Rs1.33 against the US dollar.
Recent measures aimed at tackling smuggling and imposing controls on Exchange Companies (ECs) have played a significant role in this positive trend. The rupee had faced a decline, dropping to 307.1 in the inter-bank market on September 5. Notably, the central bank’s administrative measures have resulted in a crackdown on the money market, leading to the suspension of nine exchange companies due to regulatory violations.