KARACHI: The rupee strengthened against the US dollar, gaining Rs1.30 in the interbank market and Rs1.50 in the open market, following a renewed crackdown on currency smuggling.

Bankers and currency dealers attributed the improvement largely to administrative measures rather than market fundamentals. The dollar fell in the interbank market from Rs284.80 to Rs283.50, while in the open market, it declined to Rs286.50. The crackdown was launched on July 23 in response to reports that US dollars were being smuggled to Afghanistan and Iran.

“The crackdown has produced positive results, and more depreciation........

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