Dollar plummets to record lows in underground currency markets 

ISLAMABAD: Due to an ongoing crackdown on hoarding, the dollar prices has plummeted to record lows in Pakistan’s underground currency markets and its value is predicted to reach Rs250 very soon.

According to currency market officials, there has been a significant surge in dollar inflows in the market. They said that the rate could plummet to Rs250 shortly.

Exchange companies are now transferring 20 million dollars to the State Bank of Pakistan daily instead of the usual 5 million dollars.

They said that in the underground market, the dollar rate has fallen to Rs270 with increased selling activity and fewer buyers.

Rupee continues to strengthen against US dollar

On the other hand, economic expert Khaqan Najib attributed the stability of the rupee to administrative action.

Najib explained during an interview with a private TV that corporate players deal in the interbank market, while open market rates affect individuals.

The gray market has also become active after a period of inactivity, with people holding onto dollars and smuggling them across the border.

Pakistan Forex Exchange Association Chairman Malik Bostan has stated that if the operation continues, the dollar rate could drop to Rs250.

He mentioned that the army chief took a step that was necessary to lift the burden from the civilian government.

He noted that due to the crackdown, sugar rates are decreasing in Pakistan. He further stated that electricity and petrol rates will also decrease, along with a continuous decline in the dollar rate.