KARACHI: The State Bank of Pakistan (SBP) on Tuesday (today) announced that it had begun to investigate the largest single drop in the rupee’s value against the US dollar in nine years on July 5.
“The investigation into the matter will be completed within the decided time,” an SBP spokesperson informed.
Finance Minister Ishaq Dar while addressing the media last week had stated, “the hike in the dollar was artificial and happened as a result of miscommunication between certain people. A transparent investigation into the matter would be conducted and we will gather all the facts, including who profited and who bore losses from this hike,” he had asserted. He had also announced that an inquiry into the dollar value hike to be launched once the governor of SBP is confirmed.
The rupee had plunged as much as 3.2 pc in value against the US dollar last week causing a panic situation in the open market as dealers preferred to hold forex instead of selling it. By midday on Wednesday, the dollar had risen to Rs108.50 against the rupee before settling at Rs108.25 at day end. This was accounted for as the largest single drop in the currency since 2008 and the lowest rupee value in three and a half years.
