DG FIA takes notice of unprecedented fall of rupee against dollar

KARACHI: Federal Investigation Agency (FIA) Director General Bashir Memon on Wednesday took notice of Tuesday’s striking rupee devaluation against the US dollar.

Following the news, the DG FIA directed officials to launch a crackdown against the transactions of foreign exchange reserves through hundi and hawala.

According to sources, FIA teams have been constituted in all four provinces under investigation officers and they will initiate inquires from tonight.

The US dollar showed an upward trend by Rs 11.70 as market opened on Tuesday, however, the rate was Rs 124.25 when the market closed on Monday.

This high rate of US dollar has created an uncertain behavior in the market.

According to experts, such rise in the US dollar rate against Pakistani rupee is an impact of government’s decision to approach the International Monetary Fund (IMF) in order to handle the financial crisis that Pakistan is facing.

Finance Minister Asad Umar has conveyed a message on Monday night, stating that talks with the IMF will start “instantly” as Prime Minister Imran Khan has given approval for the same.

It is expected that Pakistan is likely to demand the IMF to provide almost $6 billion to $7 billion in the bailout package.

Furthermore, On Monday, the stock market showed the downward trend as the KSE-100 Index lost over 1,300 points during trading.

KSE-100, the benchmark index of the Pakistan Stock Exchange went down by 1,328.06 points or 3.39% to 37,898.29 points.