KARACHI: September 30: After one and half months, the rupee goes in a comfortable zone as US dollar’s value slides down to below Rs 230.
US dollar settled down at Rs 227.70 against US currency in interbank at the end of Friday’s session. It shed Rs 1.55 on Friday. In open market , US currency remained to its last day’s value of Rs 227.
Since Ishaq Dar’s return to Pakistan, US dollar has depreciated by Rs 13.50. Ishaq Dar’s taking over as Finance minister is seen as a warning to the dollar mafia in Pakistan.
The rupee was showing some steady growth in value by mid of August and its interbank rate against US dollar had gone down to Rs 212 as on August 2, 2022. There was a clear indication that with the approval of a bailout of $ 1.2 billion the rupee will gain massively and finally it will help the rupee go down to much less than Rs 200 mark.
It was the time where the banks and exchange companies mafia came hands in gloves to hijack the local currency and jack up US dollar value artificially.
The banking sector led the dollar mafia and tis nexus exchange companies’ torpedoed the rupee. In a few days, the dollar mafia managed to hack-up US currency value again . The dollar mafia of the banks and exchange companies is so furious and well connected that it took US currency value artificially all time high in September.
Artificial increase in US dollar value added thousands of billions in Pakistan’s domestic debt. The banks were again its beneficiary as they are sole lender to the government. Any increase in US dollar value adds to the domestic debt and give direct benefit to the banking sector of Pakistan.
Through all time, Pakistan’s central bank remained indifferent . Knowing well that the banks were involved in artificial value appreciation of US currency the State Bank of Pakistan (SBP) did not move to check artificial appreciation of US dollar.
SBP’s is acting like a Godfather of the dollar mafia . This nexus of the banks, foreign exchange companies and SBP might have continued its dirty game of making money through artificially jack-up price of US dollar , had Ishaq Dar not appeared in the scene.
Soon after getting hint of Ishaq Dar’s return to Pakistan and replace homeopathic Miftah Ismail, the dollar mafia started to retreat on US currency money- making game.
Answer to much asked question as to why US dollar value was going down on Ishaq Dar’s taking over as Finance minister is that the US dollar mafia is aware that it can not dodge Ishaq Dar and if it continued to temper currency market as it did in almost five months of Miftah’s time it can result in thorough investigation in the case and finally they will have to pay price for fixing up US value artificially to take US dollar all time high in Pakistan’s history.