Prime Minister takes notice of rupee depreciation

KARACHI: Prime Minister Imran Khan took notice of recent depreciation of rupee in the open market. In this regard the prime minister met a delegation of Exchange Companies Association of Pakistan (ECAP) on Wednesday at Prime Minister House.

The ECAP delegation was led by Sheikh Allaudin, Malik Bostan, and Sheikh Mureed. Director General FIA, Director General IB, Chairman Federal Board of Revenue and Governor State Bank of Pakistan (SBP) were also present at the meeting.

The government made it crystal clear that it will take strict action against Exchange Companies, which involve in creating artificial shortage of the foreign currency, a member ECAP said.

The meeting agreed on exchange rate and the government warned of serious consequences in case of deviation.

Dollar rate agreed upon are Buying – 143.50 and selling 144.00

Saudi Riyal buying and selling at 38.20 / 38.35

UAE Dirham buying and selling 39.05 / 39.20

Strict compliance has been insisted upon

ECAP will not stand by any company diverging from these set rates, a statement said.

ECAP will not stand with the companies running dual sets of rates or avoiding receipting, it added.

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