KARACHI: October 8,2022: Free fall of US dollar is continuing against the rupee.
On Saturday, US dollar closed at Rs 218.50 against the rupee in open market .
As interbank remains closed on Saturdays, the open market sentiment shows market appetite of any foreign currency .
Since return of Ishaq Dar in Pakistan some two weeks ago, US dollar has lost around Rs 25 against the rupee .
Finance minister , Ishaq Dar , had told the media persons last week that some banks and Forex companies had manipulated the market to create artificial demand of US dollar and Jack up its value against the rupee. He had issued a warning to market manipulators and adviced them to stop this dirty business as it was a major reason of putting Pakistan in uncertainty .
Ishaq Dar’s warning has worked well and it has brought back stability in Pakistan. The downward trend in dollar value has started to establish investors confidence to come forward and invest in Pakistan.
As a result of continued devalue of the rupee , busineses and industrial activities had come to a grinding halt . It not only stoked- up inflation to hurt low and middle-class segment of the society, but also added hundreds of billions to Pakistan’s debt .
The State Bank of Pakistan (SBP) and Miftah Ismail were two main parties which played a key role to let a nexus of the banks and forex companies manipulate US dollar and erode credibility of the rupee. With return of Ishaq Dar , this nexus stood exposed and I started to off load its stock and its playing a role in stability of the rupee against US currency.
Mr Dar should investigate SBP role in US dollar scam .