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Crackdown on illegal business in Pakistan, dollar's value dropped significantly

Crackdown on illegal business in Pakistan, dollar's value dropped significantly

For the first time since the establishment of the caretaker government in Pakistan, an improvement in the value of the Pakistani currency is being reported.

In the open and inter-bank markets, the trend of the dollar's value is continuously decreasing. In the four days of this week, the dollar fell from 330 rupees to 308 rupees in the open market.

According to economists, the dollar is depreciating in the market after the government signaled a crackdown on its illegal businesses, including dollar smuggling. Apart from this, the news of new investment from foreign countries is also circulating in the market.

According to Forex dealers, the dollar is being sold at 308 rupees 10 paise in the open market in Pakistan on Thursday. In the interbank market, the value of the dollar has decreased by one and a half rupees compared to the previous day, and currently, the dollar is trading at the level of 305 rupees and 37 paise in the market.

Malik Bustan, the leader of Exchange Companies of Pakistan, has claimed that there are fewer buyers and more sellers of dollars in the market at the moment. Demand for dollars in the market has decreased. So the rate is also coming down.

He says that the actions taken this week have increased fear among those who smuggle dollars and work in the gray market. The government has also posted plainclothes officers at the offices of exchange companies, which is also benefiting.

He said that it is expected that the value of the dollar will decrease further in the coming days.

It should be remembered that reforms were introduced by the State Bank of Pakistan yesterday for currency traders. Exchange companies have been mandated to implement the State Bank reforms as soon as possible.

Earlier, three types of markets were functioning in Pakistan for buying and selling dollars. In which the interbank and open market were operating legally while the gray market was operating illegally.

The gray market was growing rapidly due to the favorable dollar rate in the gray market compared to the open and interbank markets. In the current situation, the State Bank and other institutions including the FIA ​​have mobilized against the illegal currency traders and arrested several people in various cities, and recovered domestic and foreign currency from them.

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