KARACHI : October ,20,2022: After five consecutive sessions of gains, US dollar finally took nosedive in open market by shedding Rs 2.50 to local currency on Thursday .
US dollar in open market lowered from Rs 225.70 to Rs 223.20 in mid day trade on Thursday.
However , in interbank US currency remained at its last day’s level of Rs 221.
The rupee was under pressure for the last one week and it was losing value to US currency . The appreciation of US dollar in the last five sessions had put Finance minister , Ishaq Dar, in trouble as he was claiming to bring US dollar to its actual value which, in his opinion , is much down to a 200 mark .
Ishaq Dar is expert in dealing with mafias involved in the currency fluctuation like monstrous banking sector of Pakistan, but this time he too seems helpless in taming the currency market .
The Pakistan Tehreek- e Insaf (PTI) government ‘s decision of granting autonomy to the State Bank of Pakistan (SBP) has made the federal government an onlooker and for the same despite massive manipulation of dollar value by Pakistan ‘s top 8 banks including the National Bank of Pakistan (NBP) in September last the Finance ministry could do nothing to tackle with the yawning mafias .