Friday, May 17, 2024
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HomePakistanPKR Gains Ground as Dollar Hoarding Crackdown Continues

PKR Gains Ground as Dollar Hoarding Crackdown Continues

Thanks to efficient administrative actions targeting currency smugglers and hoarders, the Pakistani rupee showed signs of rising for the tenth straight working day. The availability of foreign currencies in the financial sector has expanded as a result of these activities.

On Tuesday, the US dollar saw a decline of Rs1.25 in the interbank market as trading began. Currently, it is being traded at Rs294.70, according to currency dealers. In the open market, the dollar also experienced a decrease of Rs1, starting its trading at Rs296.

The positive trend in the Pakistani rupee’s value against the US dollar was also seen on Monday, marking a promising start to the trading week. The gap between the interbank rate and the dollar’s value in the open market has further narrowed as the American currency decreased by Rs1.25 on Monday morning. At the start of Monday’s trading session in the interbank currency market, the US dollar was exchanged at Rs295.35.

Over the past week, the Pakistani rupee has demonstrated a strong performance, appreciating by 1.43%, which amounts to Rs4.31 against the dollar. This significant strengthening of the rupee can be attributed to reduced demand for dollars in the parallel or unofficial market.

The rupee’s recent surge against the dollar is attributed to a nationwide crackdown on dollar hoarding. Various law enforcement agencies, including the FIA, are planning raids on the homes of individuals involved in hoarding American currency. These raids will be based on data collected from exchange companies, and they will specifically target the residences of those involved. It has been reported that individuals found hoarding dollars at their homes will face arrest and potential jail terms.

In Karachi, the Federal Investigation Agency (FIA) and secret agencies are planning to conduct raids on homes as part of a crackdown on hoarding US dollars. This government-led effort aims to recover US currency that has been stored away.

Intelligence agencies will carry out these raids in the next phase of the crackdown, targeting homes where it is suspected that people have hidden US dollars. Information gathered from exchange companies has helped identify these specific homes. Reports suggest that a group known as the “dollar mafia” has been hoarding a significant amount of US currency in homes, prompting these actions.

Authorities have a list of individuals who have purchased substantial amounts of US dollars, and the FIA and secret agencies will carry out focused raids on these homes. Those found involved in hoarding dollars in their homes could face jail terms.

This crackdown has already had an impact, with the US dollar losing value in the open market. On September 1st, it reached its highest value against the Pakistani rupee at 328 rupees. As a result of the crackdown, the US dollar has depreciated by 31 Pakistani rupees. In the interbank market on Tuesday, the US dollar dropped by 1.45 Pakistani rupees and was trading at Rs294.50.

Since the initiation of the crackdown on dollar hoarders and the associated mafia, the value of the American currency has decreased by Rs31.

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