Pakistani rupee gains more ground against US dollar

The Pakistani rupee on Wednesday maintained its upward trajectory against the US dollar and appreciated by 16 paisas during the opening hours of trading in the inter-bank market, reported 24NewsHD TV channel.

At 10.54 am, the local currency was hovering at Rs282.78.

On Tuesday, the Pakistani rupee settled at Rs283.05.

Pakistan’s crackdown on black market dollar trading has strengthened the rupee, but traders say under-the-counter deals have swiftly shifted to smartphones and home deliveries instead.

Many unlicensed exchange shops have been shut since July 22, when the military spy agency summoned representatives of the sector to explain the US dollar’s rising cost in the open market. Soon after, raids were carried out by the Federal Investigation Agency, which tackles financial crime and smuggling.

Since the crackdown began, the rupee has rebounded from a sharp fall against the dollar earlier in July.

Reporter Ashraf Khan