ISLAMABAD. October 10,2022. US dollar maintained its downward trend against the rupee on Monday.
On the first session of the working day of the week, US dollar value reduced by Rs 2 in interbank and one and two rupee in the open market.
With latest reduction , in interbank US dollar pegged at Rs 217.70 against its last Friday’s value of Rs 219.70 . In open market , US dollar with Rs 1.50 loss closed at Rs 217. On closing of the currency market, US dollar had closed at Rs 218.50.
US dollar has shrunk by Rs 25 during the last two weeks.
US dollar value had touched highest level of Rs 242 in Pakistan in mid September this year when a nexus of the banks and Forex companies were engaged in manupliation of the currency and making unlawful gain by creating an artificial shortage of US currency
Miftah Ismail either intentionally or unintentionally oversaw manipulation of US dollar done by the rogue banks and forex companies.
The State Bank of Pakistan (SBP) remained a silent party to this illegal excercise and in away it provided an opportunity to the banks an forex companies to keep doing market distortion to earn unlawful profit in dollar trade.
