KARACHI: September 9, 2022. US dollar goes unbridled with another jump of Rs 2.75 to appreciate to Rs 228.20 in interbank against the local currency on Friday. US dollar had closed at Rs 225.50 on Thursday .
In the open market , US dollar remained at Rs 232 and there was no change in its value in the last 24 hours. On Thursday, US dollar rate in open market had closed at Rs 232.
Its hard to understand as to what factors played on Friday to give a big jump of Rs 2.70 in interbank.
The market experts believe that the banks in Pakistan are operating as a cartel and they manage fluctuation in the currency as and when wanted. The rise in dollar rates in interbank is its example.
Unfortunately , it’s the State Bank of Pakistan (SBP0 which is protecting and promoting cartelization in Pakistan’s banking sector. Instead taking regulatory actions any the banking sector or any other player which are manipulating the currency market and jacking up US dollar rates artificially SBP is totally ignorant to t he situation . Its criminal negligence and over sighting of the manipulation of the currency market is costing the country and its people who are paying for higher inflation and price-hike.
