KARACHI: The rupee continued to recover in the interbank market on Monday, gaining 87 paise against the dollar in early trade.
The rupee, which had closed at 239.37 last week, was being traded at 238.50 around 10am, according to Mettis Global, a web-based financial data and analytics portal.
Meanwhile, the PKR gained Rs7 against the dollar in the open market and was being traded at Rs240 around 10am, according to the Forex Association of Pakistan (FAP).
FAP Chairperson Malik Bostan said the government had tightened security at the border to stop the smuggling of the greenback into Afghanistan where the dollar’s value was higher. “Those involved in smuggling and speculation have faced a huge setback in the last two days … the flow of dollars to Afghanistan has stopped, the effect of which can be seen in the open market.”