KARACHI: October 18, 2022: The rupee could not resist US dollar’s dominance in local currency market on Tuesday. US dollar soared to yet by another 0.50 paisa against the local unit and pegged in interbank at Rs 219 at mid day closing. US currency had closed at Rs 218.50 in interbank on closing of market on Monday.
US dollar is continuously gaining value against the rupee in currency market for the last four consecutive sessions.
In open market ,US dollar also appreciated by another 50 paisa and closed at 224 to a rupee. The open market is also bullish for the last four days.
US dollar’s surge in currency market is a worrisome factor for Finance minister , Ishaq Dar, who had dashed in Islamabad last month to rescue the rupee which was losing fast to US dollar and causing serious concern to the economic stability of Pakistan .
US dollar did make some correction for two weeks since coming back of Ishaq Dar, but after initial depreciation it again bounced back to restart winning streak against the local currency unit.
Pakistan is feeling difficult to manage the currency market basically due to sole autonomy of the State Bank of Pakistan. Despite alarming downfall of the local currency that threatened very economic survival of the rupee and created unbearable pricehike to turn the masses’ live in a living hell SBP did not take any notice. Instead it rather than protecting Pakistan’s sovereign interest provided all out facility to the banks to manipulate currency market to create artificial value of US dollar.
Finance minister, Ishaq Dar , on the record saying the banks in Pakistan were distorting market to create artificial make to US dollar, but he too seems too weak to take action against the banks mafia involved in creating artificial market of US dollar .
Interestingly, NBP, a public sector bank, topped all other banks to make money by creating artificial value of US dollar during August and September this year. US dollar had touched all time high level against the rupee during this period and SBP remained a mere spectator of this dirty game.
