ISLAMABAD: This morning, the US dollar (USD) experienced a decrease of 1.90 rupees in the interbank market and is currently trading at 301.05 rupees.
Forex dealers reported a 1.90 rupee drop in the interbank exchange rate for the greenback, which is now trading at 301.05 Pakistani rupees.
Currency dealers noted that banks are selling the dollar to importers at a rate of 301.55 Pakistani rupees.
In the open market, Forex dealers indicated a one-PKR drop in the dollar’s value, and it’s currently trading at 301 rupees. This means that the US dollar rate is now the same both in the interbank and open market, according to dealers.
The Pakistani rupee (PKR) has shown a significant recovery against the US dollar (USD) in recent days.
Malik Bostan, President of the Forex Association of Pakistan, previously predicted that the US dollar would reverse gear and drop to Rs 300.
The caretaker government has launched a crackdown against dollar smuggling, particularly targeting facilitators linked to government officials. A comprehensive crackdown is underway to combat dollar smuggling, hoarding, and organized crime.
Sources have confirmed the identification of facilitators and patrons among government officials, and they have compiled a list for this purpose.
Law enforcement personnel are closely monitoring the sale and purchase of dollars in exchange companies, as mentioned by Zafar Paracha, the secretary of the exchange companies body.
Plain-clothed law enforcement officers have been stationed at exchange company premises across the country in response to requests from the industry.
Malik Bostan, President of the Forex Association of Pakistan, stated, “Our members had complained that the black mafia agents were causing problems for them.” These agents would approach people outside exchange company premises, especially those seeking to exchange dollars.
Caretaker Govt Offers Prize Money For Informants Against Smuggling And Hoarding
Meanwhile, during a joint press conference held in Islamabad on Sunday, Bugti, flanked by Caretaker Minister for Information and Broadcasting Murtaza Solangi, asserted the unwavering commitment of all state institutions and provincial authorities to eradicate the issues of smuggling and hoarding in Pakistan, emphasizing their willingness to take any necessary measures
