KARACHI: Pakistan’s spy agency has launched a clampdown on black marketeers after an increase in dollar rate to a 22-month high of Rs284.97 this week, the chairman of the Exchange Companies Association of Pakistan (ECAP) told Arab News on Thursday.
The crackdown follows a meeting of Maj. Gen. Faisal Naseer, a deputy chief of the military-led Inter-Services Intelligence (ISI) agency, with the exchange companies in Islamabad on July 22, according to ECAP Chairman Malik Bostan.
The intervention has since helped stabilize the open market rate and the Pakistani currency surged against the greenback by one rupee on Thursday. On Friday morning, the dollar was trading at Rs283 at the Pakistani currency market.
Arab News approached the Inter-Services Public Relations (ISPR), the Pakistani military’s media wing, but did not receive a response to its request seeking comment on the matter.
“The dollar rate is going to come down significantly. The crackdown is going on and has lifted pressure from the currency market,” ECAP chief Bostan said.
