PAKISTAN FOREX EXCHANGE

Crackdown on illegal currency shops in Peshawar

epa10856116 A lock outside a closed forex market following a crackdown on illegal forex trade and smuggling of US dollars in Peshawar, Pakistan, 12 September 2023. The Pakistan rupee has continued to strengthen against the US dollar as the government cracks down on smuggling and hoarding of dollars. The Federal Investigation Agency (FIA) and intelligence agencies in Pakistan are preparing to launch a major operation against US dollar hoarding following the government's decision to empower the FIA to curb greenback smuggling. The rupee appreciated by 0.59% to close at Rs301.16 against the dollar in the interbank market, while in the open market, it declined by Rs4 to close at Rs299 on 11 September. Currency dealers have reported a lack of demand for dollars in the market, with exchange companies surrendering 20 million USD to the interbank market. The Army Chief has also assured transparency in dollar exchange and interbank rates. EPA/ARSHAD ARBAB

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