KARACHI: Malik Bostan, Chairman of the Exchange Companies Association of Pakistan (ECAP), has said the US Dollar could see a sharp decline against the Pakistani Rupee following a recent crackdown on currency smugglers.
In a televised interview, Bostan stated that the dollar rate is likely to fall to around Rs. 280, and possibly even reach Rs. 270, as authorities intensify efforts to curb illegal currency trading.
He acknowledged that there had been a temporary shortage of dollars in the open market but assured that the situation has now stabilized, with exchange companies resuming smooth supply of foreign currency.
His remarks come a day after Reuters reported that a senior official from Pakistan’s intelligence services met with representatives of exchange companies this week, following a sharp rupee depreciation. The meeting reportedly led to a swift crackdown on black market dollar trading.
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Despite this development, some analysts remain cautious. A recent poll revealed that while a few expect the rupee to fall beyond Rs. 300 by December 2025, the majority project it to remain within the Rs. 285–290 range by the end of the year.