KARACHI: Jan 27,2023: US Dollar value jumped up again with a gain of two rupee in interbank to take its value to Rs 262 against the local currency on Friday .
In the open market , US dollar ‘s buying value increased by Rs 2 and with it its buying rates increased to Rs 262 , but its selling rates increased by Rs 6 against the rupee in one session today. The selling value of US dollar increased to Rs 268 against its value of Rs 262 of the last day..
The difference of Rs 6 in buying and selling of US dollar speaks of collusion between the State Bank of Pakistan (SBP) and Forex dealers . There is no country in the world where buying and selling of any major currencies ever have a difference of Rs 6. One can take example of Bangladesh , it has fixed a difference of one takka between sale and purchase value of all major currencies . Unfortunately , in Pakistan none of the regulators are doing thier job of regulation honestly . Rather , the regulators including SBP are a party to cover irrational margin like forex dealers are doing in the case of US dollar in the currency market of Pakistan.
Since Shahbaz Sharif government is almost non- existent and it has no authority to question any regulators including SBP , the buyers of major currencies are at the losing end in Pakistan.
Other currencies like Euro z pound sterling , Australian dollar and Canadian dollar are on the gaining spree in the local market . Their gain in local currency market is indicative of weakening value of the rupee.