Rupee continues to make big gains against dollar

The rupee made big gains against the dollar on Thursday, improving its position in both the open market and the interbank trade.

The dollar fell by Rs5 from Rs312 to Rs307 in the open market following the trend of recent days. The rate had fallen by Rs8 on Wednesday.

Rupee also strengthened in the interbank, gaining Rs2.47 to reach Rs304.50.

The recovery in the value of the rupee was recorded after reports claimed that the government has geared up for a crackdown against people hoarding and smuggling foreign currencies.

The matter also came up in Army Chief General Asim Munir’s meeting with traders in Karachi a day earlier, where businessmen complained that the gap between the dollar’s interbank and open market rate and its spiralling value were creating uncertainty for businesses.