KARACHI: October 14, 2022: US dollar value saw slight downward trend in interbank on Friday. US dollar slide from Rs 218 to Rs 218.45 , just a 5 paisa reduction in its last day trade value.
In open market there was no change in US currency value vis a vis the rupee.
US dollar had seen quick surge in value in the last two sessions and it had generated an impression that the rupee may get another big blow to lose its value to a US dollar .
Pakistan’s currency market is very volatile in current months. US currency value is showing quick fluctuation against the rupee and it is main factor behind killing inflation and unbearable level of price-hike in the country.
Unnatural value of US dollar has ditched Pakistan’s economy ,besides adding hundreds of billions to tis local debts. The banks have played a dirty role in taking US currency value to an unrealistic value and made illegal money.
The State Bank of Pakistan (SBP) rule is extremely disturbing a s a regulator. It turned blind eye to banks distortion of money market and allowed them to create artificial value of US currency in the market . The SBP should have taken a punitive action against the banks and forex companies involved in currency market manipulation. Instead, the SBP remained inactive that provided long opportunity to the banks and forex companies to keep manipulating the currency market to make illegal money through this dirty business.
The SBP issued notices to the banks and took action against the forex companies when Finance minister , Ishaq Dar, raised the issue with Governor SBP and sought explanation from him for inaction of the central bank against the currency market manipulators.
