Corrective measures: Rupee gains Rs2.03 against dollar

ISLAMABAD-Corrective measures taken by the government have started yielding results as the Pakistani Rupee on Thursday gained Rs2.03 against the US dollar in the interbank trading and closed at Rs304.94 against the previous day’s closing of Rs306.97. The buying and selling rates of the dollar in the open market came down to Rs305 and Rs308 from Rs313 and Rs316, respectively, according to the Forex Association of Pakistan (FAP).
The price of the Euro decreased by Rs2.81 to close at Rs326.67 against the last day’s closing of Rs329.48, according to the State Bank of Pakistan (SBP). The Japanese Yen came down by 02 paisa and stood at Rs2.06, whereas a decrease of Rs5.25 paisa was witnessed in the exchange rate of the British Pound, which traded at Rs380.20 as compared to the last closing of Rs385.45. The exchange rates of the Emirates Dirham and the Saudi Riyal decreased by 55 and 53 paisa to close at Rs83.02 and Rs81.30, respectively.
To prevent smuggling and hoarding of dollar, the government launched a massive crackdown against the elements involved in dollar smuggling, hoarding and organised crime cartels, causing loss to the national economy. Strict action is being taken after the identification of facilitators and patrons of government officials indulged in illegal economic activities. Accordingly, complete lists of the elements involved in illegal economic activities have been prepared and an extensive crackdown is underway. Considering the constant devaluation of the rupee against the US dollar, the government initiated and implemented administrative measures against the elements involved causing a dent in the national economy.
In line with its strategy, the government has ordered to take strict action against unauthorised money changers and other mafias operating in the country. “Major policy reforms are underway. Commodity/currency trading will be changed.” Surveillance systems at land routes, sea and airports are being upgraded after the government decided “illegal movement of goods and currency will not be allowed”.

ePaper - Nawaiwaqt