KARACHI: October 11, 2022: US dollar on Tuesday managed to resist its downward trend in the local currency market . It did lost some value but it was very meager to a few last days.
US dollar was witnessing free fall since coming Ishaq Dar as Finance minister and it was losing value ranging between Rs 1 and 2 but on Tuesday it just lost 20 paisa to a rupee in the interbank and in open market it lost only 50 paisa to a local currency.
Pakistan’s currency has managed to rebound from its all time low level of Rs 240 plus to a dollar in the currency market and now its gaining against US unit for the last over two weeks.
Finance minister, Ishaq Dar, had issued a strict warning to those who were involved in currency market manipulation to push US currency to a record high against the rupee. In Miftah Ismail’s time, money market distortion was at its peak. Seeing the free fall of the rupee a number of the banks operating in Pakistan came in to manipulate the market and make illegal profit.
This ugly tend put Pakistan in serious trouble. A nexus of the banks and forex agencies made money at the cost of Pakistan’s economic stability.
Unbelievable surge in Pakistan debt was also one of the fallouts of the jacking up of US dollar value by the nexus of the banks and forex agencies.
The dollar mafia is unhappy over coming in of Ishaq Dar as it was free to make money through push up dollar value artificially in the currency market and with coming in of Ishaq Dar this mafia is waiting for some opportunity to create artificial demand of US dollar and make illegal profit on investment again.
