The Pakistani rupee is gaining strength against the US dollar in the interbank market. This is attributed to a crackdown on illegal outflows of the dollar. The dollar was being exchanged for Rs299 in the interbank market, up from Rs301.16 the previous day. In the open market, the dollar was being bought for Rs296 and sold for Rs299. The market expects the rupee to consolidate around the Rs295 level in the near term. The upcoming Monetary Policy Committee meeting and administrative supervision will be crucial for the future of the currency. Currency dealers are reporting a surplus of dollars in the open market, with more than $100 million expected to be sold to banks this week. The interim government has initiated a crackdown on cross-border smuggling, including smuggling of dollars. The situation could have been avoided earlier, as the grey market cost the country $8.2 billion in losses. The government has arrested currency smugglers and closed the largest border with Afghanistan. Additional reporting will follow.
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