KARACHI: October 5, 2022: US dollar’s downward slide is continuing as its value further depreciated on Wednesday by Rs 1.80 against the rupee. US dollar value dropped down to Rs 223.60 in interbank from last day’s Rs 225.40 to a rupee.
In the open market , US dollar value also reduced by Rs1.50 and it traded at Rs 224 to a rupee.
At closing of trading hour on the last US value in open market was Rs 225.50.
Since coming back of Finance minister, Ishaq Dar two weeks ago, US dollar value has dropped by Rs 20 against the rupee.
Ishaq Dar had issued a blunt warning to the mafia involving in US dollar manipulation and asked it to shun its policy of jacking up the US currency artificial to make money illegally.
Ishaq Dar has also advised the State Bank of Pakistan (SBP) to initiate inquiry against the banks which were involved in hijacking of the rupee.
The SBP has served notices on the banks which were involved in hijacking of the rupee and damaging the local currency.
The question arises why SBP remained inactive when these banks were hijacking the rupee.
Ishaq Dar’s warning has worked well to bring US value down to actual level and restore the confidence of the investors to start businesses and industrial activities .