ISLAMABAD: Shaukat Tarin, advisor to the prime minister on Finance , on Wednesday said the banks were involved in wrongdoing in dollar trade that put pressure on the rupee.
Talking to media here, Shaukat Tarin said he has summoned the banks on Thursday to ask them not to indulge in any unlawful act to make undue profit on dollar trade. The Finance advisor conceded also that some investors were buying dollar to make unlawful profit which was in the motice of the government. Shaukat Tarin said enhanced Afghan trade was also one of many reason for unexpected appreciation of dollar in the open market. He said enhanced demand due to Afghan trade also affects dollar rate in inter bank system. Shaukat Tarin added that the government was not interested in taking any measure to discontinue dollar trade in the open market.
Dollar vis -a -vis the rupee is appreciating for the last many months. The government seems total at loss in checking appreciation of dollar. A dollar rupee parity has disturbed as the market investors are continuously buying dollar. Pakistan’s payment against loans is also one factor that was contributing to the dollar buying spree.
The government seems totally helpless as its all schemes to stop dollar soaring trend has yielded no result. Dollar is currently at highest ever level of around 178 plus in the open market against the rupee.
