Dar expresses indignation over spike in US dollar rate
Published July 05, 2017
ISLAMABAD: Finance Minister Ishaq Dar on Wednesday took notice of the current spike in US dollar against the Pakistan Rupee in the interbank market, touching Rs108.
According to a press release by the finance division, the finance minister has “expressed deep concern, indignation, and disappointment at the fact that the current political situation is being exploited by certain individuals, banks and entities, resulting in the artificial rise of the interbank rate of the US Dollar versus the Pakistani Rupee.”
The spike negatively affected the country’s Foreign Exchange (FX) markets, stated the press release.
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 statement read.
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 today.
According to sources, foreign investment outflows from the Pakistan Stock Exchange have resulted in the surge.
