Federal Investigations Agency or FIA arrested the 2 people who are involved in the raising of USD to PKR rate through money laundering and dollar hoarding in Pakistan.
To overcome high USD to PKR rate or Dollar rate in Pakistan, FIA Lahore arrested 2 people. They are alleged for doing money laundering and dollar hoarding as foreign and local currency worth Rs 40 million was recovered from them.
Both have identified as Umar Dar and Hassan Ghulam Ghous and FIA has also registered two cases against a money exchange company.
FIA revealed that dollars were being hoarded to make the rupee weaker in the market. This practice has created an artificial demand for the greenback.
USD to PKR rate is constantly increasing and now the federal government ordered FIA to take action against Dollar hoarding. The decision by the government comes at a time of rupee’s weakening against the dollar. At present the US dollar is being traded in the open market at around Rs142, resulting into enormous pressure on the financial authorities. The move is seen by many as an attempt to ease this pressure and save rupee from further devaluation.