'Its gait is too brisk:' money mobility in Karachi's foreign exchange market. Issue 4 (3rd July 2020)

• Record Type: Journal Article
• Authors: Baig, Noman
• Is Part Of: Journal of cultural economy. Volume 13:Issue 4(2020)
• Page Start: 402
• Page End: 414
• Publication Date: 2020-07-03
• Subjects: Currency trading -- money mobility -- foreign exchange -- Karachi -- postcolonial; Economics -- Sociological aspects -- Periodicals; Ethnology -- Periodicals; 306.3
• DOI: 10.1080/17530350.2019.1604400
• Languages: English
• ISSNs: 1753-0350

Abstract

ABSTRACT: The global spread of finance capitalism has ushered in a speculative nature of currency trade and has given rise to new forms of subjectivity. Narrowing the ethnographic gaze on a thirty-seven year old currency trader in Karachi, this paper advances two arguments. The first argument relates to the materiality of foreign exchange and their effects on traders' bodies. In spot trading, the currency traders experience foreign currency as an affective quality breathing down heavily on the senses. The second argument points to an interconnected nature of foreign exchange markets. Using Knorr Cetina and Breugger's notion of 'global microstructures, ' I demonstrate the ways in which a currency trader, operating in a post-9/11 counter-terrorist surveillance milieu in the country, negotiates the micro and global scales of economy. Grounded in ethnographic research in Pakistan, this paper explores the ways in which foreign currency, especially of the metropole, is circulated, exchanged, and imagined in a postcolonial context, and hence contributes to an emerging scholarship of anthropology of money and finance.