Following a government crackdown aimed at curbing the black market trade in major Pakistani cities, the Pakistani rupee continued to strengthen against the US dollar, marking another significant gain of three points in the open market on Thursday.
As reported by the Exchange Companies Association of Pakistan (ECAP), the rupee rebounded to a rate of 298 against the US dollar by the end of the day, reflecting the 3-point increase in its value in the open market.
Meanwhile, the State Bank of Pakistan confirmed that the rupee appreciated by 0.29%, closing at a rate of 297.96 against the US dollar.
Interbank closing #ExchangeRate for todayhttps://t.co/vzWPNE83s0#SBPExchangeRate pic.twitter.com/jNNfdlVkfv
— SBP (@StateBank_Pak) September 14, 2023
Earlier this month, a series of raids targeted operators in the black market, prompted by the Pakistani rupee’s alarming drop to a record low of Rs333.7 on September 5.
This army-backed initiative was set in motion following appeals from dealers to Chief of Army Staff (COAS) Gen Asim Munir, urging him to take decisive action to combat the surging value of the dollar.
Thanks to these concerted efforts, the Pakistani currency rebounded to a level below 300 per dollar in the open market earlier this week, leading to the influx of tens of millions of dollars back into the country’s interbank and open markets, according to dealers.
During a recent meeting involving various officials, including heads of law enforcement and security agencies, Malik Bostan, Chairman of the Exchange Companies Association of Pakistan (ECAP), and his colleagues emphasized the urgent need to escalate the matter to General Munir’s attention.
“The army chief took notice, and the restoration of supply in the open market is credited to him,” remarked Bostan to Reuters.
He further disclosed, “A task force was made that is now cracking down on the illegal market.”
In a gesture of approval, a security official, who chose to remain anonymous, celebrated the success achieved through the crackdown.
