The crackdown on black market worked wonders as the US dollar plunged heavily against the Pakistani rupee in the open market on Wednesday, reported 24NewsHD TV channel.

The greenback nosedived by seven rupees and was currently being traded at Rs316 after falling from Rs323.

Other foreign currencies also fell in line as euro lost five rupees to Rs338.50, British pound eight rupees to Rs402 while Emirati dirham stayed put at Rs88.80 and Saudi Riyal at Rs86.

The severe crackdown by the authorities sent the black marketeers underground, said Forex Association President Malik Bostan and added that the buyers who were purchasing dollar unnecessarily have also disappeared.

Currency dealers said that the respite comes after Chief of Army Staff Asim Munir’s recent meeting with the business community.

The currency has been under pressure against the US dollar, especially in the open market, after the government lifted import restrictions, a key condition of the International Monetary Fund (IMF).

Economic analysts have urged the authorities to find avenues to attract dollar inflows, as depletion of reserves is quickly eroding confidence on the local currency.

Reporter Ashraf Khan