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Dar expresses indignation over ‘artificial’ spike in US dollar rate

Ishaq Dar

ISLAMABAD: Finance Minister Ishaq Dar on Wednesday took notice of the depreciation of the Pakistani Rupee and the spike in the interbank rate of the US Dollar.

The finance minister, during an emergent meeting of the officials of the Finance Division, expressed concern, indignation and disappointment that the current political situation is being exploited by certain individuals, banks and entities resulting in the artificial rise of the interbank rate which negatively affects foreign exchange markets.

He 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 Pakistani Rupee – US Dollar exchange rate in the interbank market on Wednesday depreciated by 3.1 percent from Rs 104.90 per US$ yesterday to Rs 108.25 per US$.

State Bank of Pakistan said that the exchange rate is adjusted in the market and the central bank is of the view that this depreciation in the exchange rate will address the emerging imbalance in the external account and strengthen the growth prospects of the country.

SBP stated that it believes that the current exchange rate is broadly aligned with the economic fundamentals.

The central bank will continue to closely monitor the developments in the foreign exchange markets and stands ready to ensure stability in the financial markets.

It stated that the deficit in the external account has been rising, while almost all macroeconomic indicators have shown encouraging signs such as high real GDP growth, increase in investment, credit expansion to private sector, and subdued inflation.

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