Dollar Could Fall to As Low As 250 if Crackdown Against Smuggling Continues: Bostan

Forex Association of Pakistan (FAP) President Malik Bostan has claimed that the US dollar could fall to as low as Rs. 250 if the crackdown against smuggling continues.

Talking to a private TV channel, the FAP President credited the fall in the open market and interbank rates of the US dollar to the efforts being made by Chief of Army Staff (COAS) General Syed Asim Munir.

Bostan said that the US dollar was nearing Rs. 350 in the open market but the crackdown against smugglers and the “dollar mafia” has reversed the Pakistani rupee’s decline.

He mentioned that the open market rate was at least Rs. 30 higher than the interbank rate till a few days ago but now the open market is less than the interbank market rate.

However, he cautioned that the reversal in the rupee’s fortune wouldn’t last if the crackdown against smugglers isn’t sustained. He further said that due to the depreciation in the price of the dollar, people who had hoarded dollars are now selling to avoid losses.

He claimed that if the measures taken by the interim government remain in force, the dollar will eventually fall to Rs. 250.

It is pertinent to mention here that from 338-335 last Monday, open market rates across multiple currency counters stood in the 296-300 range today. Since September 4, the open market rate has recovered by roughly Rs. 41 against the greenback.

In the interbank market, the Pakistani rupee appreciated by 0.36 percent against the US dollar to close at 298.82, after gaining Rs. 1.07 today.

The military’s top brass recently expressed its resolve to wholeheartedly assist the government in curbing all illegal activities that hamper economic stability, growth, and investors’ confidence.

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  • This silly country needs TEN year term governments or else it will fail. It has already become irrelevant compared to India.

  • Pakistan is actually No.1 good country in the world, but its systemically destroyed by Punjabi and Sindhi terr-orists. And also by Punjabi bull-dog establish-ment and politicians like im.rando bull-dog, nawazu bull-dog and zaradari bull-dog.

    • Yes your right! WOW sane people still exists.
      Punjabi and sindhi pindi thndi ethnic cleansing is required.
      Punjabi and sindhi these two losers are root of all evil.

      If you read pious Pakistan’s history then you will find that most t.errorists who did bad things with pious Pakistan, belong to punjabi and sindhi region.

      I’m Pro Balochi and Pro Pakistani. Punjabi and sindhi both rape balochi girls that’s why I know this that, as long as punjabi and sindhi are alive they will not let pious Pakistan prosper.

      Punjabi army chief was sleeping when these money exchanger mafia was smuggling US dollar out of the country. This speaks volume of their seriousness for prosper Pakistan.

  • The statements of this person irritate me. As FAP President, he is calling upon ‘Danda’ to control the rise of dollar. Most exchange companies, if not all, are engaged in illegal FC activities. Quite often they undertake undocumented transactions, hoard dollars and things like that. If as FAP President he is unable to instill any discipline in activities of exchange companies, he should better resign rather than calling upon other forces to act on his behalf.

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