On Wednesday morning, the US dollar (USD) saw a decline of 1.15 Pakistanirupees (PKR) in the interbank market. It is currently trading at Rs293.75.Last week, the USD fell below Rs300 in the interbank market due to thestrengthening of the rupee, as reported by currency dealers.
During August, the Pakistani rupee (PKR) had been experiencing consistentdevaluation, with the open market rates for buying and selling the dollarreaching as high as Rs322 and Rs325, respectively.
In response to this situation, authorities have initiated a crackdown ondollar hoarding and smuggling. The Federal Investigation Agency (FIA) andintelligence agencies are expected to conduct raids on homes in an effortto recover hoarded US currency.
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According to sources, specific homes have been identified based on datacollected from exchange companies, indicating that the dollar mafia hasbeen stockpiling greenbacks in homes during this crackdown.
