Shah demands inquiry into steep fluctuation in dollar-rupee parity

Shah demands inquiry into steep fluctuation in dollar-rupee parity

demandISLAMABAD: Syed Khursheed Shah, Opposition Leader in the National Assembly, demanded a high-level inquiry into recent steep fluctuation in the dollar-rupee parity saying that the increase in electricity and petroleum prices should immediately be taken back.

Talking to media outside the Parliament House on Thursday, Khurshid Shah asserted that the country’s economy has suffered huge losses due to increase in greenback value against the rupee.

He also criticized the government for recent price hike in fuel and electricity prices. Shah also lamented over the government’s failure to end power load-shedding across the country. Shah expressed suspicion over the payment of circular debt by the government.

Last week, the rupee touched a record low of 110.50 against the dollar but staged an handsome recovery of over Rs4 following intervention by the central bank. He said the value of dollar was increased Rs 30 in PPP tenure but during the PML-N government it already has increased by Rs 12. He said the Rs 200 billion foreign debts are increasing with the increase of value of dollar .Analysts dubbed it as largest fluctuation in the dollar-rupee parity in a single day.

Responding to question about finalizing a name for the slot of chairman NAB, he said he would again meet Prime Minister Nawaz Sharif today (Friday) to evolve consensus on any one of the four names proposed so far, adding that he was hopeful that they would finalize one name today (Friday). He said where are those who used to term increase in petroleum and electricity prices as “gagga tax”, adding that Chaudhry Nisar was used to say government was collecting ”jagga tax”. He termed the increase in petroleum and electricity prices as mini budget and enmity of Nawaz Sharif government with masses.

He said that the PPP government had given Rs 1400 billion subsidy on electricity and Rs1300 billion on other things.

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