KARACHI (Web Desk) – The Pakistan rupee continued strengthening on Thursday amid the crackdown on black market, as it made a Rs1.73 gain against the US dollar during trading by midday, as the weak local currency has made paralysed the economy by fueling inflation and cost of doing business.
It means the rupee was available for an official exchange rate of Rs305.25 in interbank trading against the previous closing of Rs306.98.
However, the gains are even bigger in open market where the dollar is now traded by Rs307, representing a gain of Rs5 during Thursday’s ongoing session.
Thus, the rupee has grown stronger by Rs26 so far in the last three trading days in open market as sources say authorities tightened their grip on exchange companies, relentlessly pursuing illegal currency dealers across the country.
A strong and stable rupee is vital to Pakistan’s interests as devaluation has not only triggered inflation in the country but also resulted in higher interest rates – a formula applied by central banks around the world despite its negative effects on economy, especially in the case of poor and developing countries
