Government to Probe Rupee Decline

The Federal Minister for Finance Ishaq Dar said a probe would be conducted to find out why the rupee declined and who led to a decline in the domestic currency versus dollar.

Federal Minister Ishaq Dar held a meeting with the presidents of the banks in Islamabad At the end of the meeting, the finance minister held talks with the media officials and argued that he won’t allow the fall of rupee and was surprised to see why the currency decline significantly in one session.

The minister said soon a probe would be conducted against individuals, financial institutions and banks who deliberately forced the currency to decline. The minister said he is seeking an explanation as to what are the reasons of the rupee plunge.

The President of National Bank of Pakistan Ahmed Saeed also spoke to media and said soon the currency would be stabilized and wide fluctuation would be subsided. He view that the currency to move in the range of Rs 105 to Rs 107.

It is learnt that the finance minister has given assurance of supply of dollar at the interbank to curb menace of speculation.