KARACHI: Sept 21: US dollar depreciated by another Rs 1 in interbank on Thursday. The open market, however, is resisting depreciation of greenback in local currency market.
The Law Enforcing Agencies (LEAs) are continuing raids across Pakistan to take action against smugglers of US dollars and those involved in “Hundi”.
LEAs have also enhanced vigilance at borders to check dollar smuggling from Pakistan to Afghanistan and Dubai.
The currency smugglers were smuggling US dollar from Pakistan without any problem. In the past 16 months rule of Pakistan Democratic Movement (PDM) led by Shahbaz Sharif of Pakistan Muslim League Nawaz (PMLN) US dollar was smuggled from Pakistan without any restriction . Its volume had gone to an alarming level setting a serious threat to Pakistan’s sovereignty.
Finally now as a result of harsh action by LEAs, dollar rates have dropped down to Rs 293 in interbank, but its pegged to Rs 296 in the open currency market for a couple of days.
In the last few years, Afghanistan has become a hub for smuggling of US dollar and it damaged Pakistan economy more than anything else. Unfortunately, this anti Pakistan activity boomed in two ‘Elected’ regimes of Pakistan Tehreek- e- Insaf (PTI) from 2018 to April 2022 and Pakistan Democratic Movement (PDM) spanning over 16 months.
Both regimes showed criminal negligence when smuggling of US currency to Afghanistan had gone to alarming levels. This trend shows how Pakistan’s interests were compromised by these two ‘Elected’ governments.
