KARACHI: September 23: The dollar mafia seems satisfied to stablise the rupee against US currency at around 239 as there was no change in the party rate in currency market on Friday.
US dollar remained at 239.50 in interbank in the local market on Friday. The open market also did no make any major change in dollar value as it closed at Rs 242 to a dollar. Unchanged value of dollar against the rupee suggested that the gang involved in creating artificial value of dollar against the local currency is finally satisfied that it has made enough money in the last five weeks and so they should not give more jerks to the local unit.
The dollar gang constituted of the banks in Pakistan and forex companies have been pushing dollar value up at its will and it finally jacked up dollar value at Rs 239.50- in interbank and Rs 242 in open market.
The gang involved in artificial rise in dollar value in the local market is fully protected by the State Bank of Pakistan (SBP). This gang took dollar value up from Rs 212 to Rs 239 in the last five weeks.
On August 16, US dollar was traded at Rs 212 and then the dollar mafia came in to push up dollar value .
It managed to take dollar value to all time high in Pakistan’s history . SBP remained as a mere spectator during this time. Devalue of the rupee has ultimately added trillion of rupees in Pakistan’s domestic debt and banks are its sole beneficiary.
