KARACHI, Pakistan: Pakistan's rupee has gained 6.1 per cent against the dollar so far in September, following an official clampdown on illegal foreign exchange trade in grey and black markets by security agencies.
"The government's stern administrative action against the unlawful foreign exchange dealers and hoarders in commodity markets is stabilizing the exchange rate, providing a respite to the imported inflation and easing out commodity prices," the Finance Ministry said in its monthly report. A market-determined exchange rate is a key condition for Pakistan receiving a US$3 billion bailout loan from the International Monetary Fund that was agreed in July to help avert a sovereign default.
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