KARACHI: October 31, 2022: US dollar shed it value by Rs 1.95 in interbank , bringing it down to Rs 220. 30 from Rs 222.25 of the last working day of the last week (Friday). However, appreciation of the local currency against US dollar in open market remained very nominal on Monday. In open market , US dollar traded at Rs 225 against Rs 225.30, showing a decline of Rs 30 paisa.
Reduction in US dollar value in interbank could be seen in the context of the latest warning of Finance minister, Ishaq Dar, to those who are involved in manipulation of the currency market.
US dollar mafia led by the local banks is hitting hard on the local currency to make illegal gain on US dollar business.
Finance minister, Ishaq Dar, had issued warning to US dollar mafia soon after taking over as Finance minister. It worked well and brought US dollar value vis a vis the rupee down from Rs 240 plus to below Rs 220 mark. But during the last two weeks, the dollar mafia was again seen active. It took the US dollar value up again.
Ishaq Dar who was abroad on official visit regenerated his warning a day earlier and warned to the US dollar mafia that he would not allow them to keep doing manipulation of the currency market to get unlawful proit through some illegal means.
Although , State Bank of Pakistan (SBP) issued notices on 8 banks involved in illegal money making derive through sale of US dollar , but its action is too late and too short to snub US dollar mafia and it it away from manipulation of the rupee.
