KARACHI: September 6, 2022. After open market, US dollar turned bullish as it gained Rs 1.75 against the rupee in intertrade in the second session in the currency market on Tuesday. It closed at Rs 221.75 at closing of the day. In the first session , USD was trading at Rs 220.
In open market , USD had gained another one rupee in the open market.
USD traded at Rs 230 against its last day value of Rs 290 in the domestic open currency market.
The US currency, however, remained pegged at its last day’s value of Rs 220 in the interbank trade.
The question remains how come interbank and open market have such a big gap of Rs 10. Is not it the role of the State Bank of Pakistan (SBP) to put in place a mechanism to fix difference like Bangladesh’s central bank between interbank trade of US D and the local currency? .
SBP’s criminal inaction is basically providing a shelter to fleece dollar sellers in the open currency market.