Dollar Value Drops Significantly in Pakistan’s Currency Market

Karachi: The U.S. dollar experienced a notable decline in the currency markets after a period of continuous appreciation. Within a few hours, the value of the dollar dropped by one rupee.
In the interbank market, the dollar fell from 284.97 PKR to 284.25 PKR within two days. Meanwhile, in the open currency market, the dollar’s value decreased from 288.30 PKR to 287.30 PKR today, reflecting a drop of 1.30 PKR over two days.
Chairman of the Exchange Companies Association of Pakistan (ECAP), Malik Bostan, in an exclusive interview with a private TV channel, stated that the crackdown on illegal “hundi” and “hawala” transactions is ongoing, which is contributing to the dollar’s decline. He further added that the State Bank of Pakistan has halted its dollar purchases from the interbank market, leading to further depreciation of the dollar. Bostan urged the public not to buy dollars but instead consider selling them, as the dollar’s value is expected to decrease even further. He assured that there is no shortage of dollars and that anyone in need of foreign currency could easily acquire it from the exchange companies.
Malik Bostan also revealed that he had met with an important figure in Islamabad regarding the dollar situation on July 22.
On the other hand, Pakistan’s stock market continues to perform well, with the Karachi Stock Exchange’s KSE-100 Index trading above 139,800 points on the fourth day of the business week.