The prime minister has warned to take strict action against currency dealers selling dollar above Rs144.
Islamabad (Pakistan Point News – 16th May, 2019) As the Pakistani rupee continues to devalue against the US dollar, Prime Minister Imran Khan has decided to launch a crackdown against dollar against money changers companies selling dollar above market rate.
According to media reports, the prime minister has warned to take strict action against Currency dealers selling dollar above Rs144.
This was decided in a meeting chaired by the prime minister. Advisor to Prime Minister on Finance Abdul Hafeez Shaikh, State Bank of Pakistan (SBP) Governor Dr Reza Baqir, Federal board of Revenue (FBR) Chairman Shabbar Zaidi and Federal Investigation Agency (FIA) and Intelligence Bureau (IB) DGs attended the meeting.
A delegation of E-Commerce Association of Pakistan (ECAP) was also present in the meeting. They also assured the government of not supporting companies selling foreign currency at higher rates.
Meanwhile, the US dollar has further appreciated against the Pakistani rupee in the open and interbank currency market.
According to media reports, the US dollar gained Rs6.61 against Pakistani rupee in the interbank market, rising to Rs148 Thursday morning.
In the open market, dollar has gained Rs3, taking it to Rs147.
Last week, the exchange rate of Dollar in open bank had increased by Rs2 and is being traded at Rs144. Dollar appreciated by as much as Rs 3 in the open market in the last week.
According to a report, money changers said that the price of rupees is falling continuously due to which the market has become unstable. People are buying a lot of Dollars, decreasing them in the market.
