Pakistan’s dollar profiteers prosper as banks, businesses suffer

KARACHI — Scarce U.S. dollars are the hottest commodity in Pakistan as official currency exchanges run dry and the crisis-gripped government scrambles to clamp down on rampant profiteering.

Pakistan’s struggle with dwindling foreign reserves this year is no secret. But market insiders say the pressure continues to mount as unauthorized dealers siphon dollars out of legal channels to sell in gray markets across the country and in neighboring Afghanistan, where they can find lucrative margins.