Pakistan is cracking down on illegal dollar trade after the rupee set a new record low this month and the stern measures are showing signs of initial success.
“The crackdown against people engaged in illegal dollar trade, smuggling is ongoing,” Information Minister Murtaza Solangi said in a mobile-phone message on Friday. Illegal trades include buying or selling dollars without any record and remittances through informal channels.
The crackdown has strengthened the rupee by almost 10% in the retail market this week. That has eased pressure on the key interbank market.
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