Malik Bostan, the President of the Forex Association of Pakistan (FAP), hasasserted that if the crackdown on smuggling continues, the US dollar maydecline to as low as Rs. 250. Bostan credited the drop in both open marketand interbank rates of the US dollar to the efforts led by Chief of ArmyStaff General Syed Asim Munir.
He explained that previously, the open market rate was significantly higherthan the interbank rate, but recent actions against smugglers and the”dollar mafia” have reversed the Pakistani rupee’s decline. However, hecautioned that this positive trend could be short-lived if theanti-smuggling measures are not sustained, emphasizing that people who hadhoarded dollars are now selling to avoid losses. Bostan claimed that if theinterim government’s measures remain in effect, the US dollar couldeventually reach Rs. 250.
It’s worth noting that open market rates have improved from 338-335 lastMonday to the 296-300 range today, recovering by approximately Rs. 41against the US dollar since September 4. In the interbank market, thePakistani rupee has appreciated by 0.36 percent against the US dollar,closing at 298.82 after gaining Rs. 1.07 today.
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The military leadership has expressed its strong commitment to assist thegovernment in curbing illegal activities that undermine economic stability,growth, and investor confidence