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In Karachi, there has been a decline in the value of the US dollar due to strict measures taken against individuals engaged in illegal currency trading.
In the interbank market, the dollar’s value has dropped by 1 rupee and 9 paisa, reaching a level of 297 rupees and 73 paise.
In the open currency market, the dollar has depreciated by 3 rupees, now standing at 298 rupees.
According to information from market sources, a decree issued by the Taliban’s Supreme Leader has prohibited trading in Pakistani rupees and declared the use of Pakistani currency a punishable offense.
The introduction of the dollar in Afghan inter-Afghan trade, initiated by the Afghan government, has contributed to increased pressure in the open market. Factors such as strict control over entry and exit routes have also played a role.
Heightened scrutiny of exchange companies and predictions of a significant shortage in the near future are compelling hoarders to sell their dollar reserves.
Exporters are converting their export earnings into rupees, leading to increased availability of dollars in the interbank market and its subsequent devaluation.
Malik Muhammad Bustan, Chairman of the Exchange Companies Association, suggests that if the crackdown continues and regular market monitoring is maintained, the dollar’s value may drop to 250 rupees, potentially resulting in a 20% increase in remittances.
He also notes that the demand for dollars has significantly decreased as a result of these measures.
