Dollar slips just below Rs300 in interbank market

KARACHI: Pakistani rupee extended gains against the US dollar in the interbank market and appreciated by Rs1.27 (+0.42 percent) on Tuesday.
The State Bank of Pakistan (SBP) said in a tweet that the rupee opened at 301.16 against the dollar in the interbank market and closed at 299.89, showing an appreciation of 0.42 percent. The rupee appreciated against the US dollar in the interbank market by Rs2.52 last week and has appreciated by Rs3.06 during the last two sessions, while it has depreciated by Rs13.90 during the current fiscal year 2023-24, and Rs72.46 in the current year.
Meanwhile in the open market, the rupee was quoted in the range of 297-300 against the dollar in the open market as compared to 295-299 a session earlier. The rupee appreciated by Rs35 in the last six sessions prior to this depreciation.
The market experts termed the depreciation in the dollar’s value as a consequence of the crackdown. They said the measures have stopped the capital flight and there’s now an excess supply of dollars in the market. Moreover, reports of increased vigilance of the Afghan transit trade also contributed to the rupee’s rise, they added. They suggested the government continue with these measures in a sustainable manner to bring further improvement in the rupee’s value.
Last week, caretaker Prime Minister Anwaarul Haq Kakar said a crackdown to prevent cross-border smuggling was initiated across the country. Likewise, interim Interior Minister Sarfraz Bugti reiterated the caretaker government’s resolve on Sunday to take elements involved in smuggling and hoarding to task, including those accumulating dollars.-TLTP