Islamabad (July 6, 2017): Finance Minister Ishaq Dar on Wednesday said that investigation into to what he said artificial raise in the value of US dollar against Pak Rupee will be carried out.
He was talking to media after presiding over a meeting of heads of private banks and State Bank of Pakistan (SBP) officials in Islamabad regarding the plunge in rupee value against dollar on Wednesday.
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Dar said the he was surprised by the sudden plunge in value of Rupee against US dollar in the interbank market on Wednesday, saying that it was artificial.
He added that as per initial investigation the plunge in rupee’s value was caused by lack of coordination and timely contacts between few individuals and institutions.
However, he added that through probe would be conducted into the issue.
He added that the foreign reserves position of the country was stable and there was no pressure on rupee.
He added that by tonight permanent Governor State Bank of Pakistan would be appointed.
Following appointment of SBP Governor, through investigation into the rupee devaluation would be carried out to find out as to who benefited from the sudden devaluation of rupee.
The Finance Minister said that the responsible persons and entities in this matter will be identified and appropriate action will be taken against them in the national interest.
The US dollar surged to its 2.5-year-high against the Pakistan Rupee in the interbank market on Wednesday.
After closing at Rs104.90 on Tuesday, the dollar gained Rs3.12 to hit Rs108.