The rupee strengthened against the dollar in the interbank foreign exchange market as it gained Rs2.44 on Friday.

The greenback was trading at Rs302.5 during the midday trading on the last trading session of the week. The foreign currency was trading at Rs304.94 at the closing of the interbank market the previous day.

In the open market, the dollar weakened further as the rupee extended its gains. The dollar declined by Rs5 and was being sold at Rs312 while the buying of the dollar was recorded at Rs307 in the open market.

Malik Bostan, chairman of Forex Association of Pakistan said that the rupee was gaining value against the dollar because exchange companies ‘surrendered’ $20 million.

The improvement in the rupee’s value had come about because of Army Chief General Asim Munir’s efforts in cracking down on hoarding and black marketing, he added.

It is pertinent to mention that reports claimed that the government prepared lists of officials and abettors involved in smuggling operations and action will be taken soon.

The reports added that the government intended to act against ‘mafias’ that are manipulating the currency market in an organised manner.