ISLAMABAD – Pakistan’s intelligence agency stepped directly into currency market, launching sweeping crackdown on illegal dollar dealers as rupee teeters on edge.
A report shared by wire service said a top official in spy agency summoned currency exchange firms this week in to stop rupee’s alarming slide. What followed was rapid-fire operation as security forces fanned out across major cities, hunting down black market currency traders.
It said several dealers go underground overnight as the crackdown has already shaken the market. Dollar dealers are running scared while Greenback dropped by one rupee after the meeting.
This rare move comes two years after a similar operation when officials reversed currency freefall. But this time, the pressure is worse, driven by smuggling, hoarding, and banking system that can not keep up with demand.
Pakistan’s reviving economy is facing several issues regarding Dollar market and any further instability could derail key financial commitments, especially strict requirement to keep official and open market exchange rates within a 1.25pc margin.
With the rupee under pressure, ISI’s sudden involvement shows commitment of economic correction. Meanwhile, military’s media wing ISPR or any other government officials have not shared anu update about scale and scope of this ongoing crackdown.
