KARACHI: September 27, 2022: With coming in of Ishaq Dar, US dollar has lost its value massively in domestic currency market.
In interbank US dollar lost another Rs 4.30 on Tuesday against the rupee and it traded at Rs 231.50 against its last day value of Rs 235.80. In open market US dollar also lost Rs 4 against the rupee. It traded at Rs 231.50 against its last day value of Rs 235.50.
In total US dollar has lost Rs 8 plus in interbank and Rs 10.50 in open market in the last two consecutive sessions.
With the rupee appreciating against US currency, Pakistan stock market is also going up and it depicts restoration of the investors’ confidence in replacing of Ishaq Dar to Miftah Ismail as Finance minister. Like the rupee, local stock market has gained around 900 points in the last two days.
Ishaq Dar’s factor is making things better on ground. The appreciation of the rupee is indicative of artificial appreciation of US dollar in domestic market in Miftah’s times. The dollar mafia thrived in Pakistan in Miftah’s times as Finance minister making huge problems for Pakistan’s economy .
Ishaq Dar who had returned to Pakistan from self-exile after 5 year a day before is taking oath as member of the senate today. One hopes Pakistan will get out of the current fiscal crisis once Dar gets time to workout a strategy as Finance minister.
Mr Dar should check the rule of State Bank of Pakistan in last four months’ rule of Pakistan Muslim League Nawaz (PMLN) and investigate as to why it did not act accordingly to stop artificial jacking up of dollar value versus the rupee that devastated Pakistan’s economy since coming in of Mr Miftah as Finance minister.
