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Rupee devaluation against dollar: Dar says investigating into the matter

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MOHSIN SOOMRO

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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Alleged forgery lands two Chinese nationals in FIA lock-up!

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MMA

KARACHI: Two Chinese nationals – Zhong Zhongmin and Li Chonhong, Country Manager and Deputy Country Manager of the Chinese firm M/s BGP (Pakistan) International – have been nabbed by FIA for submitting forged documents here today.

According to details FIA has registered a case against the  oil and gas surveying company, its clearing agent M/s IMT Co, customs personnel etc for forgery.

The accused had endeavored to get surveying equipment worth Rs. 677m cleared by means of fake papers.

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PSX: Bourse hardly managed to remain in the green on week’s 3rd trading day!

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KARACHI: As the profit-taking set in due to political noise, Benchmark KSE-100 Index closed at 40,591 points with an augmentation of only a little over 43 points.

Rs. 5.3b worth of 157m shares changed hands today. Value of the shares of 172 augmented, 155 plummeted, while 18 remained stagnant.

Pundits at the helm of affairs have insinuated that K-Electric was being acquired by Shanghai Electric.

As a result Power Generation and Distribution Sector led the trading of shares today followed by Technology and Communication Sectors . The three have traded 80.4m, 15.9m and 7.5m shares respectively.

The top five leaders of the trade of shares today were K-Electric Ltd., 77.1m shares (+10.11pc); WorldCall Telecom, 8.3m shares (+4.83pc);TRG Pak Ltd., 6.9m shares (+1.50pc); Sui Southern Gas, 5.4m shares (+2.93pc); Azgard Nine, 4.5m shares (-0.27pc).

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PSX: Bourse closes in the green as bulls shoo-off the bears on week’s second trading day!

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KARACHI: The bourse closed in the green (40,459) today when Benchmark KSE-100 Index gained 232 points.

Rs. 5.2b worth of 102m shares changed hands today. Value of the shares of 148 companies augmented, 145 plummeted, while 21 remained stagnant.

With trading of 15.8m shares Textile Spinning Sector led the market. Top five leaders of today’s trading were Unity Foods(R),13.0m shares (+26.60pc); TRG Pak Ltd., 7.3m shares (+1.84pc); Pak Elektron, 4.9m shares (+2.50pc); Dost Steels Ltd., 39.m shares (-1.27pc).

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