Rupee Regains Stability amid Unified Crackdown on Black Market Dollar Trade
Amidst a decline in the rupee, Pakistan's military intervenes to stabilize its currency by cracking down on black market dollar trading. Major General Faisal Naseer led efforts to curb illegal activities following a meeting with currency exchange firms. The crackdown improves dollar supply slightly, though challenges persist.
In a bid to stabilize the plummeting rupee, a high-ranking official from Pakistan's military intelligence agency has spearheaded a crackdown on black market currency trading. This follows a sharp depreciation of the rupee, driven by hoarding and smuggling, that put pressure on official currency exchanges.
Major General Faisal Naseer, part of the Inter-Services Intelligence's internal security arm, held crucial talks with exchange firms, leading to an intensified pursuit of illegal currency traders by security agencies. This enforcement action already caused some traders to go underground while slightly improving the supply of dollars to the market.
Amid a continued struggle to maintain the exchange rate, the impact is seen with tightened border measures previously with India now slightly relaxed. The military's engagement reflects its growing involvement in economic management, ensuring compliance with International Monetary Fund conditions to narrow the rate gap between official interbank rates and the open market.
(With inputs from agencies.)
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