Summary The rupee gained against greenback by nearly Rs3.
ISLAMABAD (Dunya News) – Pakistani rupee strengthened sharply after strong statement of the Federal Finance Minister Ishaq Dar that the government would not spare banks and other individuals exploiting the political situation.
The rupee gained against greenback by nearly Rs3 and was trading at Rs105.50 to a dollar.
The conflicting statement was discussed and viewed Wednesday after Finance Minister Ishaq Dar said he won’t allow banks, individuals and companies to exploit situation where State Bank said that the fall in the currency was the reflection of the economy.
Finance Minister Ishaq has called a meeting to discuss ways and means to curb adjustment in the rupee. However, with recovery in the rupee it denotes that it was truly exploited and was speculative in nature as higher bidding from corporates and financial institutions led to the biggest fall in the currency.
