Pak rupee sees biggest drop in nine years

Pakistan's rupee today plunged sharply by more than 3 per cent, the currency's biggest drop in nine years.
The rupee was trading at 108.95 against one US dollar, which was recorded as 3.1 per cent decrease in its value, the lowest since December 2013.
Taking serious notice of the spike in interbank rates for the US dollar against the Pakistani rupee, Finance Minister Senator Ishaq Dar said the rise of the US dollar against the rupee was "artificial".
Dar, during an emergency meeting of financial officials from his ministry, called it "artificial drop" which was due to manipulation of some traders, business groups and banks.

He said unscrupulous elements were exploiting the current political situation due to probe against Prime Minister Nawaz Sharif and his family.
Dar warned that action would be taken against those responsible for the artificial devaluation in rupee.

The country faces looming uncertainty due to fast approaching deadline for the probe which is expected to submit a report to the Supreme Court on July 10.
The six-member Joint Investigation Team (JIT) was set up in May by the Supreme Court to investigate Sharif family for allegedly failing to provide the money trail for purchasing properties in London.
Prime Minister Sharif has rejected allegations of any wrongdoing. However, his future is at stake and any adverse decision would seal his fate.