In an ongoing countrywide crackdown against currency smugglers, the Federal Investigation Agency (FIA) has made 239 arrests in last 6 weeks, state-run PTV News reported on Sunday.

The state broadcaster shared the development in a post on X, formerly Twitter.

In 170 registered cases, inquiry of 26 has been completed, PTV said.

The interim government resorted to a large-scale crackdown against smuggling, hoarding, hawala/hundi, and different other illegal economic activities, after the rupee plunged to a record low of 307.1 on September 5.

According to details, the FIA arrested 101 people from KP zone, 15 from Lahore zone, 24 from Gujranwala, 21 from Faisalabad, and 19 from Multan.

The agency recovered Rs660 million from them, including Rs450 million in local currency, US$278,714, and other currencies worth Rs120 million.

Several plazas and shops were sealed during the raids, the state broadcaster said.

Pakistan Army’s top brass also resolved to assist the government “wholeheartedly” in curbing all illegal activities which hamper economic stability, growth, and investors’ confidence, a press release from its media wing Inter Services Public Relations Pakistan (ISPR) stated last month.

It resorted to take action against all those involved in speculations in different markets, which resulted in some positive outcomes.

Pakistan's rupee gained over 6% against the dollar in the month of September and emerged as the best-performing currency in the world.

The currency appreciated from Rs305.54 against the US dollar on August 31 to Rs287.74 on September 28 against the greenback, an increase of Rs17.8 or 6.2%.

Experts say the rupee appreciation run is to be attributed to government’s administrative measures against dollar smuggling and hoarding.

“The appreciation comes amid a crackdown against informal channels that are used to smuggle currencies into neighbouring countries,” Sana Tawfik, an analyst at brokerage house Arif Habib Limited, told Business Recorder.