Surge in US dollar rate to be investigated: Dar

Federal Finance Minister has said that sudden hike in the United States dollar rate will be investigated and responsible would be traced out.

He was addressing a press conference after chairing a meeting in Islamabad Thursday to review the sudden spike in the interbank rate of US dollar.

He expressed astonishment over the sudden artificial hike in the dollar rate. Proper investigation will be made in order to trace out the reason behind this sudden spike. Transactions which were made by the banks on Wednesday will also be put under investigation. Everyone will be put under scanner who got benefit from this hike in US dollar rate.

He said within few hours hike of Rupees 3 was witnessed in the dollar rate. We were the first who converted the dollar into the open market mechanism. He said no decision has been made individually rather being taken on the directions of Prime Minister Nawaz Sharif.

Apparently, there is no political reason seen behind this sudden hike. He said till this day decision regarding the appointment of permanent State Bank governor will be made. “We are ready to sacrifice anything for Pakistan.”

Earlier on Wednesday, the finance minister took notice of depreciation of Pakistani Rupee which depreciated by 3.1 percent from Rs 104.90 per US dollar to Rs 108.25 per US dollar. Dar categorically stated that the responsible persons and entities in this issue would be identified and necessary action would also be taken against them in the larger national interest.

It is to be noted that the value of a dollar was around Rs 104 from last two and half years. Last time, the US dollar rate had jumped to Rs 103 in August 2014 due to the prolong sit-in of the Pakistan Tehreek-i-Insaf (PTI) and Pakistan Awami Tehreek (PAT) from Rs 98.82 of the pre-sit-in situation.