The crackdown against foreign currency smugglers has resulted in a remarkable 3.5% appreciation of the Pakistani currency against the US dollar, marking a gain of Rs11 in a single day, with the exchange rate reaching Rs312 against the dollar on Wednesday. Read Govt initiates 'large-scale' crackdown on currency smugglingOfficial sources have revealed that major policy reforms are in the pipeline, signalling a transformation in commodity and currency trading. The range-bound trading activity in the interbank market suggests that the currency may stabilise at its current level in the short term. To bridge this gap, either the open market exchange rate must decrease or the inter-bank rate must experience another increase. In the international market, gold prices dropped by $5 to $1,926 per ounce (31.10 grams), as reported by the association.

Source: The Express Tribune September 07, 2023 13:28 UTC