Authorities in Pakistan have intensified their crackdown on the underground currency market, with a Sukkur court sentencing three men to five years in prison for running an unlicensed money-changing operation.

The verdict, delivered on Friday, comes amid growing pressure on the government to stabilize the rupee, which plunged to Rs. 284.97 per US dollar last month — its weakest point in nearly two years. The depreciation has fueled demand for US currency on the black market, undermining official exchange controls.

According to the Federal Investigation Agency (FIA), investigators seized Rs. 1 million in local cash, $20,700, and 147,000 Saudi riyals from the suspects during the raid. In addition to prison terms, each convict was fined Rs. 1 million. The court ordered all confiscated funds to be transferred to the national treasury.

The FIA says this is part of a broader nationwide campaign targeting illegal currency dealers, who often bypass official rates and exacerbate the rupee’s slide. Analysts note that while such crackdowns can temporarily ease market pressure, long-term stability will require deeper reforms to Pakistan’s foreign exchange policy and supply of dollars through legal channels.