KARACHI : October 25,2022: US dollar nosedived in domestic currency market on Tuesday .
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After resisting the rupee during the last few days , USD finally dropped by Rs 0.95 in interbank and Rs 2 in open market .
USD traded at Rs 219.30 against its last day rates of Rs 220.25 . In open market , USD shed Rs 2 to take position at Rs 220.70 against its last day value of Rs 222.70.
USD value in interbank dropped below Rs 220 mark after staying up for around one and half months .
The rupee is gaining value against USD and this trend is brining stability to the market .
PKR had been under huge pressure since many months when the banks were manipulating the market to push up dollar value up in the domestic market . This naive and dirty trick of the banks put Pakistan’s economy at risk. The State Bank of Pakistan (SBP) instead acting as. a regulator , preferred to be a party to the banks’s money making spree at the cost of the national interest .
This dirty business preferably to be called as a dollar scam ended up with replacement of Miftah Ismail as a Finance minister by Ishaq Dar .
Mr Dar officially acknowledged that a mafia hijacked the rupee to create artificial value of USD ,but he has not taken any action against SBP which was directly responsible of hi-jacking of the rupee during Miftah’s time.