ISLAMABAD: The United States dollar has been absent from the Pakistani market for the past few days, leaving many locals confused and concerned.This is a developing story, but so far officials have not been able to give a satisfactory explanation for the disappearance of the currency. This has caused many businesses to suffer as they are unable to conduct transactions in dollars.
Pakistan is in the midst of a financial crisis, and its currency is taking a beating. On Friday, the Pakistani rupee hit an all-time low against the US dollar, and now foreign currencies are vanishing from the Pakistan market.
According to reports, people are selling their dollars in the black market for a higher price than the official exchange rate. The Pakistani government has been trying to prop up the rupee by depleting its foreign currency reserves, but it has been unable to stem the tide.
A senior bureaucrat told Daily Information Times that Foreign currencies are vanishing from the Pakistan market after news of defaults, particularly the US dollar. Prices for dollars in black markets are soaring, and the currency is becoming increasingly difficult to find. This is causing panic among Pakistani businesses and investors who rely on foreign currency.
Once again Rich people will become richest
It needs to be carefully looked at who are now selling/trading their dollars into the black market.