KARACHI : September 1, 2022: In a strange phenomenon , US dollar appreciated on Thursday against the local currency in interbank and open market when State Bank of Pakistan (SBP) had received $ 1.16 billion from International Monetary Fund (IMF) under Extended Funding Facility (EFF) programme.
SBP had formal made an announcement on Wednesday confirming receipt of funds from IMF.
After inflow of such a big amount and emerging of a positive sentiments in the market, the rupee was supposed to gain value against US in a big way.
However, in a big surprise to everyone, US currency gained Rs 0.20 in interbank and Rs 0.50 in open market against the rupee. US dollar traded in interbank at Rs 218.20 against Rs 218 of last working day rates and In open market its value jumped up to Rs 217 against Rs 216.50 in on Wednesday.
What played to push US dollar value up?
Is there any factor other than the forex reserves or market sentiments which are playing to hold USD value artificially higher than its actual price.
The currency market experts have strong opinion that actual US dollar value against the local unit should be around Rs 180 .
For the last more than four months, US dollar price is much higher than the actual value of the rupee.
This is a major question for Mr Miftah Ismail , the Finance minister , who is behind USD artificial price?.
Former Finance minister , Ishaq Dar , had recently criticized Mr Miftah Ismail’s economic policies and denounced his policy of letting the rupee fall free and spike of inflation to hurt the masses seriously .
