Taking serious notice of the spike in interbank rates for the US dollar against the Pakistani rupee, Finance Minister Senator Ishaq Dar said that the rise of the US dollar against the rupee was "artificial".

The rupee's sudden devaluation on Wednesday was the currency's 'biggest drop' in nine years.

During an emergency meeting of officials from the Finance Division, Dar took notice and expressed deep concern and disappointment at the 'fact' that the "current political situation was being exploited by certain individuals, banks and entities".

He was of the view that manipulation was behind the "artificial" rise of the interbank US dollar versus Pakistani rupee exchange rate, which had negatively affected the country's foreign exchange markets.

Dar said responsible persons and entities "would be identified and appropriate action would be taken against them in the national interest".

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Kurram atrocity
Updated 22 Nov, 2024

Kurram atrocity

It would be a monumental mistake for the state to continue ignoring the violence in Kurram.
Persistent grip
22 Nov, 2024

Persistent grip

PAKISTAN has now registered 50 polio cases this year. We all saw it coming and yet there was nothing we could do to...
Green transport
22 Nov, 2024

Green transport

THE government has taken a commendable step by announcing a New Energy Vehicle policy aiming to ensure that by 2030,...
Military option
Updated 21 Nov, 2024

Military option

While restoring peace is essential, addressing Balochistan’s socioeconomic deprivation is equally important.
HIV/AIDS disaster
21 Nov, 2024

HIV/AIDS disaster

A TORTUROUS sense of déjà vu is attached to the latest health fiasco at Multan’s Nishtar Hospital. The largest...
Dubious pardon
21 Nov, 2024

Dubious pardon

IT is disturbing how a crime as grave as custodial death has culminated in an out-of-court ‘settlement’. The...