The US dollar has significantly dropped against the Pakistani rupee in the open market, relinquishing seven rupees and now trading at Rs 316.
According to sources from the foreign exchange sector, the Pakistani rupee has managed to reclaim ground over just two days, with the dollar’s rate plummeting by 12 rupees.
Foreign exchange dealers have reported a nuanced situation where the local currency witnessed depreciation in the interbank market despite the gains in the open market. At the closure of yesterday’s market, data from the State Bank of Pakistan revealed that the dollar was trading at Rs 307.10 in the interbank market, marking a 0.48% increment from the previous close of Rs 305.64.
Strengthening Measures in the Currency Exchange Sector
Zafar Paracha, the secretary of the exchange companies body, highlighted that a tactical approach has been adopted where plain-clothed law enforcement personnel are monitoring the activities of the sale and purchase of dollars in exchange companies nationwide.
Malik Bostan, the President of the Forex Association of Pakistan, indicated that the administration heeded their request to deploy these undercover officials outside exchange companies. The measure comes in response to several complaints by association members about the persistent nuisances caused by black market operatives.
These undercover personnel are stationed at various exchange company premises across the country to avert potential traps set by these agents, who often target individuals coming to exchange companies to purchase dollars.
The strategic positioning is expected to ward off these black market agents who have been noted for causing disruptions outside the companies’ premises, ensuring security and fair transactions for the citizens engaged in foreign exchange activities.
