PM Imran orders action against foreign exchange companies selling US dollar at higher rates

09:30 AM | 16 May, 2019
PM Imran orders action against foreign exchange companies selling US dollar at higher rates
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ISLAMABAD - Prime Minister Imran Khan has directed concerned authorities to take action against foreign exchange companies selling US dollar at higher rates.

The prime minister presided over a high-level meeting at Prime Minister House, pertaining to foreign currency rates, also had a delegation of E-Commerce Association of Pakistan (ECAP) in presence led by Sheikh Allaudin, Malik Bostan and Mr Sheikh Mureed along with the DG FIA, DG IB, Chairman FBR and Governor SBP.

The meeting decided to take strict action against the companies deviating from set currency rates.

During the meeting, ECAP delegates assured of not supporting companies selling foreign currency at higher rates.

The meeting was informed that the dollar's purchasing price was Rs143.50 and selling price Rs144; Saudi Riyal was being purchased at Rs38.20 and sold at Rs38.35.

The US dollar bounced back to Rs144 after reaching an all-time high of Rs146.25 during the day in the open market on Wednesday.

The rupee devaluation was observed three days after Adviser on Finance, Revenue and Economic Affairs Dr Abdul Hafeez Sheikh finalised a three-year bailout with the International Monetary Fund (IMF) for $6 billion.