The rupee made big gains against the dollar on Thursday, improving its position in both the open market and the interbank trade. The local currency appreciated by Rs2.04 against the greenback.

“The credit for the decrease in the value of the dollar goes to the army chief,” Malik Bostan, the chairman of the Exchange Companies Association of Pakistan (ECAP), told Aaj News.

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 Rs2.04 to reach Rs304.94, according to the State Bank of Pakistan

The dollar had reached a record high of Rs331 in the open market before a free fall commenced.

Bostan went on to add that if the value of the rupee continued to improve in such a way, “$5 to $6 billion worth of hoarded amount” would be recovered.

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 Chief of Army Staff 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.

ECAP General Secretary Zafar Paracha told Aaj News that the rate of the dollar would further decrease. The army chief was focused on corruption, smuggling, and illegal foreign investment. He was hopeful of positive results in other areas as well.