Due to smuggling crackdowns, Pakistan’s open market and interbank rates have dropped significantly, lowering the US dollar. Malik Bostan, president of the Forex Association of Pakistan (FAP), said the dollar might sink below Rs. 250 if this crackdown continues.
Malik Bostan told a private TV station that COAS General Syed Asim Munir’s tireless efforts led to this beneficial outcome. He said the US dollar was approaching Rs. 350 in the open market recently. The Pakistani rupee has recovered after the crackdown on smugglers and the “dollar mafia”.
Bostan said that the open market rate was at least Rs. 30 higher than the interbank rate until recently. Today, the open market rate is lower than the interbank rate. This change shows the crackdown’s benefits.
He warned that this favorable trend may not endure if anti-smuggling measures aren’t reinforced. The dollar’s drop has caused many to sell their dollars to avoid losses, he said.
Malik Bostan thinks the dollar would drop below Rs. 250 if the interim administration continues to fight to smuggle and stabilize the economy.
Open market rates have recovered from 338-335 last Monday to 296-300 today. This is an amazing Rs. 41 rebound versus the US dollar since September 4.
The Pakistani rupee appreciated 0.36 percent versus the US dollar in the interbank market, finishing at 298.82 after gaining Rs. 1.07 today.
These beneficial outcomes are due to Pakistan’s military leadership’s commitment to actively supporting the government in reducing illicit activities that threaten economic stability, growth, and investor confidence.