ISLAMABAD - Major opposition parties may soon submit an adjournment motion in the National Assembly Secretariat seeking an explanation from the government over the sudden depreciation of rupees against the dollar.

   The US dollar surged to its 2.5-year-high against the rupee in the interbank market, touching Rs108.25. The US dollar gained Rs3.12 in a single day (on Wednesday) before depreciating its value to Rs104.9 on Tuesday.

Pakistan Tehreek-e-Insaaf (PTS) and Pakistan People’s Party may soon submit the adjournment motion to thoroughly discuss the recent depreciation of the rupee against dollar. “Both the parties will ask questions from the finance minister about the real reason behind the rupee plunge,” said a PTI member. The upcoming National Assembly session is likely to be summoned by the mid of July.

Finance Minister Ishaq Dar had taken notice of the rupee depreciation and held a meeting with presidents of banks to discuss the sudden increase in the value of the dollar.

The federal government had held State Bank of Pakistan acting Governor Riaz Riazuddin responsible for the sudden spike in the value of the dollar. Dar had also announced to conduct a transparent investigation into the matter in the next 10 days to gather all the facts including who profited and who bore the losses from the hike.

A day after the sharp increase in the value of the dollar, the government appointed former secretary finance Tariq Bajwa as Governor State Bank of Pakistan for a period of three years.

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