Finance minister terms rupee’s sudden plunge ‘artificial’

Taking serious notice of the spike in interbank rates for the US dollar against the Pakistani rupee, Finance Minister Senator Ishaq Dar said that the rise of the US dollar against the rupee was “artificial”.

The rupee’s sudden devaluation on Wednesday was the currency’s ‘biggest drop’ in nine years.

During an emergency meeting of officials from the Finance Division, Dar took notice and expressed deep concern and disappointment at the ‘fact’ that the “current political situation was being exploited by certain individuals, banks and entities”.

He was of the view that manipulation was behind the “artificial” rise of the interbank US dollar versus Pakistani rupee exchange rate, which had negatively affected the country’s foreign exchange markets.

Dar said responsible persons and entities “would be identified and appropriate action would be taken against them in the national interest”.

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