Pakistan's ISI Intervenes to Stabilize Rupee amidst Currency Chaos
A deputy chief of Pakistan's ISI agency met with currency exchange firms to tackle the steep depreciation of the rupee. The action led to a security crackdown on illicit dollar trading, positively impacting the open market rate with a one rupee recovery against the dollar.
In a bid to halt the steep decline of the Pakistani rupee, a deputy chief from Pakistan's Inter-Services Intelligence (ISI) agency convened with currency exchange firms this week. This strategic meeting aimed to address the sharp slide in the rupee's value through a security clampdown on the black market dollar trade.
According to Malik Muhammad Bostan, chairman of the Exchange Companies Association of Pakistan, the initiative has begun to yield results, with the rupee gaining one unit against the dollar on Thursday. Bostan attributed the currency's stabilization to improved supply channels that have been secured.
Efforts by the ISI, a powerful arm of Pakistan's military, mark the second intervention in two years to curb speculative currency trade. While the agency's spokesperson has yet to comment, the intervention has brought some stability to Pakistan's foreign exchange markets.
(With inputs from agencies.)
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