Director General of FIA Takes Notice of the Biggest Drop of Rupee Against Dollar
On Wednesday, the Director General of the Federal Investigation Agency (FIA), Bashir Memon, took notice of the sharp drop of rupee against against the US dollar.
An investigation against the transfer of foreign exchange banks through hundi and hawala has begun on the orders of the Director General of FIA.
According to authentic sources, the teams of investigative officers has been created for all four provinces and they will start with the crackdown from tonight.
On Tuesday, the US dollar hiked up to Rs 134.50 in the open market. The US dollar increased by over Rs 6.50 to touch the new heights in the open market, while in the interbank market, it rose by Rs 9 to reach Rs 133.64.
The sudden hike of the US dollar against Pakistani rupee has also resulted into an increase in gold prices in the country as compared to over the last five years. The price of one tola (12 grams) gold has recorded soaring price of Rs 1700, hitting Rs 62,000. Accordingly, the price of 10 gram gold shot up to Rs 53,155.
According to finance analysts, the sudden soaring of the dollar is due to the government’s decision to approach the International Monetary Fund (IMF) to deal with the country’s financial crisis.
Meanwhile, State Bank of Pakistan (SBP) spokesperson Abid Qamar told Reuters “the market is aware about the overall macroeconomic conditions and based on those conditions, they are having their own expectations about the exchange rate, so that is driving (the rupee valuations) currently.”