KARACHI: September 16, 2022: US dollar appreciated by another Rs 0.75 in interbank against the local currency to peg at Rs 236.75 on Friday.
In the open market , US dollar remained at last day’s value of Rs 240 in the first session on Friday.
On Thursday, US dollar had closed at 236 in interbank market.
The rupee is under huge pressure for the last one month. From August 16, 2022 USD has appreciated by Rs 25 in interbank and in the same value in open market.
On August 16, 2022 USD had depreciated to around 212 to a rupee. The market experts were hinting at big depreciation in US dollar value as they were hopeful of positive outcome of Pakistan –International Monetary Fund (IMF) deal for a bailout package.
Then things turned out and despite resumption of IMF financial support, USD started to take upward jump in value.
Dollar mafia came in to play to artificially jack-up dollar price.
These mafia is not from any foreign countries but the commercial banks operating in Pakistan. The banking sector mafia is making unlawful gain from over valuing USD in interbank.
The same trend of interbank is followed by open market. Open market is another mafia which plays to jack up US value whenever it wants.
The State Bank of Pakistan (SBP) is not playing a role of a regulator. Rather, its indirectly protecting the dollar mafia to help it make unlawful profit in dollar trading.