Pakistan spy agency targets ‘black market dollar trade’ to curb rupee slide — forex association president

A dealer counts US dollars at a money exchange market in Karachi on March 2, 2023. (AFP/ file)
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Updated 24 July 2025
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Pakistan spy agency targets ‘black market dollar trade’ to curb rupee slide — forex association president

  • ISI deputy chief met currency exchange firms this week to address sharp slide in rupee, promoting security crackdown 
  • Action helped stabilize the open market rate and the rupee recovered against the dollar by one rupee on Thursday

KARACHI: A deputy chief of Pakistan’s spy agency met currency exchange firms this week to address a sharp slide in the rupee, prompting a security crackdown on “black market dollar trade,” the head of the country’s forex association told Reuters on Thursday.

The action helped stabilize the open market rate and the rupee recovered against the dollar by one rupee on Thursday, said Exchange Companies Association of Pakistan chairman Malik Muhammad Bostan.

“The dollar is down one rupee today in the open market. This is because we’re finally getting the supply we need,” Bostan said.

A spokesperson for the spy agency, the Inter-Services Intelligence (ISI), did not immediately respond to an email seeking comment. The ISI is led by Pakistan’s powerful military.

The action marks the second such intervention in two years after the military helped curb speculative currency trade in 2023


Pakistan’s Punjab deploys satellites, drones, AI to combat smog

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Pakistan’s Punjab deploys satellites, drones, AI to combat smog

  • Senior minister warns industrial masks may become necessary without a change in public attitudes toward pollution
  • Cities in Punjab face worsening smog each winter, driven by crop burning, vehicle emissions and industrial pollution

ISLAMABAD: Punjab Senior Minister Marriyum Aurangzeb on Wednesday said Pakistan’s most populous province deployed satellites, drones and artificial intelligence to tackle smog, warning that industrial masks may become necessary if public attitudes toward air pollution did not change.

Punjab cities face worsening smog each winter, driven by crop burning, vehicle emissions and industrial pollution that threatens public health and daily life. The smog season typically begins in late October, peaks between November and January and can persist through February.

Smog causes symptoms such as sore throats, eye irritation and respiratory illnesses, while prolonged exposure raises the risk of stroke, heart disease and lung cancer. Children are more vulnerable due to higher breathing rates and weaker immune systems.

“We have the AI machine-learning forecasting system in place, surveillance drones and technology cameras,” Aurangzeb said while addressing an event.

“At present, what is considered one of the world’s best environmental protection forces — with training, equipment, technology and digitally integrated data — is operating in Punjab,” she added.

Aurangzeb said surveillance is now being carried out through drones.

“There is monitoring, technology, cameras,” she continued. “Everything is digital.”

The minister maintained the eastern corridor from India was a major source of smoke which becomes active during the winter season.

She said this was the first time a complete testing system was introduced by the Environmental Protection Agency to measure pollution released by vehicles.

She added the government has loaned 5,000 super seeders to farmers, which are agricultural machines that plant crops directly into fields without removing leftover stubble, reducing crop burning, and helping curb winter smog.

Aurangzeb warned the situation could reach a point where people may have to use industrial masks and carry therm around like a “purse or wallet.”

“This will become a mandatory item if we do not change our attitudes and habits toward air quality, climate and conservation.”

Pakistan’s main urban centers routinely rank among the most polluted cities in the world, with vehicular emissions remaining one of the top contributors to air pollution.

The severe air pollution also undermines economic productivity and diminishes the quality of life for millions of residents.