Pak rupee nosedives , PM Imran Khan orders action against exchange cos

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By Muhammad Luqman
Prime Minister Imran Khan has ordered the authorities to take action against the exchange companies selling US dollar at higher rates as value of the green back reached all time high level of Rs 146.25 in the open market on Wednesday.
The US Dollar’s value increased by Rs2.25 amid speculations that the local currency will depreciate further after Sunday’s agreement with IMF.
The IMF had spoken of a “market determined exchange rate” in its statement on the programme, and the financial markets have not taken the words very well. Speculation has broken out in the forex markets, with small and large investors looking towards the greenback, according to English newspaper Daily Dawn.
“Fears of further devaluation as a result of the agreement with the IMF have depressed the currency market and the rupee may lose more against the greenback in the coming days,” Secretary General of Exchange Companies Association of Pakistan Zafar Paracha had said on Monday.
According to media reports, the meeting chaired by Prime Minister Imran Khan on Wednesday, has warned the exchange companies of not selling dollar at higher rates.
It was decided that the companies deviating from set currency rates would not be given any concession.

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