Abb Takk News

Hafeez Shaikh Reviews Hike In US Dollar Against Pakistani Rupee

ISLAMABAD: Prime Minister Advisor on Finance Hafeez Shaikh chaired a high-level meeting to review sudden hike of the dollar against Pakistani rupee in Islamabad.

Well informed sources said the decision was taken to initiate strong action against the forex exchange companies who are trading dollar on the excessive rate in the market.

The meeting also decided to keep an eye on such foreign exchange companies through the central bank, the State Bank of Pakistan.

It may be noted that the lack of confidence in Pakistan’s economic sector had resulted in dollar jumping to staggering Rs146.25.

The dollar rate on Wednesday increased by Rs2.25 rupees in the open market which has enabled it to reach the highest rate of the country’s economic history.

The rupee devaluation was observed three days after the Prime Minister’s Adviser on Finance, Revenue and Economic Affairs Dr Abdul Hafeez Shaikh announced to have finalised a three-year bailout with the International Monetary Fund (IMF) for $6 billion.