Rupee devaluation against dollar: Dar says investigating into the matter


ISLAMABAD: Federal Finance Minister Ishaq Dar has said that the sudden devaluation of Pakistani rupee against the US dollar was shocking and an investigation will be held in this regard.

PKR slid 3.1 percent against the dollar on Wednesday in an apparent devaluation as the Central Bank said the new rate would shore up economic growth and ease external account pressures.

According to some trade analysts, State Bank of Pakistan (SBP) had effectively devalued the rupee to its lowest level against the dollar since December 2013, but Ishaq Dar said he felt “deep concern and indignation” at what he called an artificial weakening.

“We don’t know the main reason behind the dollar boost, but we will investigate into the matter,” Dar said while talking to the media after meeting with the heads of local banks here today.

“The responsible persons and entities in this matter will be identified and appropriate action will be taken against them in the national interest,” he added.

The minister also took serious notice of the hike of interbank rates of the US dollar against the Pakistani Rupee.

He professed that the move had negatively affected our Foreign Exchange (FX) market.

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