In reaction to the sudden fall of the Pakistani rupee, the country’s intelligence agency, with support from the army, has started a crackdown on illegal dollar trading in the black market. This information comes from the Exchange Companies Association of Pakistan, which confirmed that strong action is now being taken to stop illegal currency deals.
This new action is similar to what happened in 2023 when security forces stepped in to control the rupee’s fall. That earlier effort had helped stabilize the exchange rate for some time. Now, once again, security agencies, including the Federal Investigation Agency (FIA), are focusing on money dealers who secretly buy and sell dollars at higher rates.
After the crackdown began, many of these illegal dealers have gone into hiding to avoid arrest. Authorities hope this tough action will help bring the dollar’s value down in the open market and reduce pressure on the local currency.
There are already early signs that the move is working. The open market rate for the dollar dropped by Rs. 1 soon after the operations started, showing that illegal traders are staying away for now.
Officials believe that stopping black market trading is important to control the dollar rate, protect the economy, and build trust in legal exchange companies.
People have been asked to avoid illegal money exchanges and only buy or sell foreign currency through authorized dealers and banks. This will help keep the rupee steady and stop unfair profits by illegal money dealers who hurt the country’s economy.
