PM Imran orders action against companies selling dollar at higher rates: sources

ISLAMABAD: Prime Minister Imran Khan has ordered concerned authorities to take action against foreign exchange companies selling US dollar at higher rates, sources informed Geo News Wednesday.

The decision was taken at a meeting pertaining to foreign currency rates in the country, the sources said. The meeting, presided over by PM Khan, also had a delegation of E-Commerce Association of Pakistan (ECAP) in presence.

They said the forum decided that companies deviating from set currency rates would not be given any concession.

Rupee bounces back after hitting new record low against US dollar

Earlier in the day, US dollar reached the all-time high in Pakistan after an increase of Rs2.25

The meeting also pondered over action against individuals not declaring their holdings under the recent Asset Declaration Scheme, the sources informed further.

On the occasion, ECAP delegates assured of not supporting companies selling foreign currency at higher rates, they said.

The meeting was informed that 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 increase in dollar's price came after Pakistan's $6 billion bailout agreement with International Monetary Fund (IMF) on Sunday.