KARACHI: September 27 : As a stringent crackdown on the currency hoarders and smugglers continues in the country, dollar continues to lose its value in interbank and open market.
In open market , dollar shed more than a rupee on Wednesday and it settled at Rs 288.80 against its last day’s value of Rs 289.85 . In open market , dollar is also following the same pattern. It rebounded from historic high level of Rs 332 and with shedding of Rs around 40 in less than a week its trading at Rs 290 on Wednesday.
Dollar and gold market had gone extremely bullish and its sole reason was black marketing and smuggling of US dollar. August was an extremely disturbing month for Pakistan . In the last month, the rupee was continuously losing its value to dollar and it hurt Pakistan very seriously .
Seeing the level of dollar smuggling and hoarding by the currency dealers and other filthy rich who instead doing any business or investing in long term industrial activity had opted to dollar buying nan selling. Such short time investors cum market exploiters made huge profit on their investment but it damaged Pakistan beyond repair. Finally, the army backed law enforcing agencies (LEAs) had to move in and launch a stringent crackdown to stop smuggling of dollar and other currencies from Pakistan into Afghanistan.
The crackdown is giving obvious result and just in less than a month, dollar had shed Rs 40 . The rebounding of the rupee has stopped market exploitation and restored confidence of the traders community to do their businesses without any fear of default.
