Published On: Thu, Oct 11th, 2018
Published in Category: Karachi

DG, FIA takes notice of record rupee depreciation

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Karachi: Director General (DG) Federal Investigation Agency (FIA) has taken notice of rupee historical devaluation.

On direction of DG, a crackdown has been launched in order to stop transfer of foreign exchange into foreign countries through Hawala and Hundi.

Teams have been constituted for carrying out operation in all four provinces.

Teams comprising investigation officers will start their work from today’s night.

It is vital to mention here that dollar traded at Rs 134.50 in the open market with an increase of Rs 9.75 due to depreciation of rupee while in the interbank market it has been traded at Rs 133.75.

On the other hand, dollar had traded at Rs 124.25 a day earlier.

State Bank of Pakistan in its statement said that rupee value has been decreased due to current account deficit.

SBP said the difference in demand and supply in trade market is another reason behind record rupee devaluation.

Oil prices have been increased in the international markets that exerted pressure on foreign exchange reserves.


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