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[ad_1] KARACHI: The Pakistani currency marked a remarkable surge, hitting an almost one-month high at Rs297.96 against the US dollar in the interbank market on Thursday. This upswing represents the currency’s seventh consecutive working day of gains, attributed to the ongoing crackdown against currency smugglers. According to data from the State Bank of Pakistan (SBP), the rupee recorded a fresh gain of 0.29%, equivalent to Rs0.86, closing at Rs297.96 against the greenback. This remarkable performance translates to an overall gain of almost 3%, or Rs9.14, in the past seven days. The currency’s rally also received indirect support due to speculation regarding an upward revision in the interest rate by the central bank. However, the SBP surprised the market by leaving its key policy rate unchanged at the present 22%. Also read   C/A deficit shrinks 79% over stagnant imports Another unexpected development emerged from Pakistan’s gold market. For the second consecutive working ...

[ad_1] KARACHI/PESHAWAR: When the military was called on to help defend the ailing rupee, licenced foreign exchange traders cheered while their black market rivals in the bazaars of Peshawar, Karachi and other cities shuttered their shops before they got taken away. The campaign against the informal market has worked. Tens of millions of dollars have poured back into interbank and open markets, dealers say, since raids on black market operators began on September 6. The rupee, which plumbed record lows on September 5, recovered to below 300 per US dollar on the open market earlier this week, rallying more than 10% from levels prevailing before the clamp down to stand even stronger than the official rate. While there have been other attempts to curb the black market when the rupee has been under stress, the latest push came after licenced dealers requested army chief General Asim Munir take action, rather than leave it solely to the civilian caretaker government. Called to I...