The government’s crackdown on black market dollar trading has strengthened the rupee, but traders say under-the-counter deals have swiftly shifted to smartphones and home deliveries instead.

Many unlicensed exchange shops have been shut since July 22, when the military spy agency summoned representatives of the sector to explain the US dollar’s rising cost in the open market. Soon after, raids were carried out by the Federal Investigation Agency, which tackles financial crime and smuggling.

Since the crackdown began, the rupee has........

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