The value of the Pakistani rupee has increased by Rs1.06 against the US dollar in the interbank market. This could be due to the government’s crackdown on illegal trading of the dollar. At 11:00am, the dollar was trading for Rs290.70 in the interbank market. On Friday, the interbank market closed at Rs291.76 for the dollar, continuing its upward trend since the army-backed crackdown started earlier this month. In the open market, the rupee gained 0.17pc or 50 paisas against the dollar, with the exchange rate at Rs292.50. Komal Mansoor, head of strategy at Tresmark, a financial services firm, said that the rupee’s gains have been driven by the crackdown in the open market and significant forward selling by exporters. Mansoor added that the dollar might stabilize around Rs295, but it may not sustain that level for long. She also warned against repeating the mistake made by former finance minister Ishaq Dar, who attempted to devalue the rupee to 200 last year but ultimately led to a massive devaluation in January.
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