KARACHI: Sept 20: US dollar depreciated by another Rs 0.90 in interbank in interbank. The open market, however, is resisting depreciation of greenback in Pakistan’s currency market on Wednesday.
Meanwhile, 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.
As a result of harsh action by LEAs, dollar rates have dropped down to Rs 294 in interbank but its remained pegged to Rs 296 in the open currency market.
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.
Forex agencies have played a role of destructive force in dollar smugglers. With no exception, forex agencies are involved in hoarding and smuggling of dollar. Pakistani forex agencies have established networks in Afghanistan and Dubai. The agents of forex dealers smuggle dollar from Pakistan to Afghanistan and from there smuggled US currency to Dubai.