Dar says inquiry will look into rupee's plunge

ISLAMABAD: Finance Minister Ishaq Dar said on Thursday the government will launch an inquiry into why the rupee plunged 3.1 percent a day earlier, saying the current account deficit is stable and it is not the role of the central bank to try and manage the account.

Analysts said the State Bank of Pakistan (SBP) had effectively allowed the Pakistani rupee to devalue by 3.1 percent after nearly two years of being stable at about 104-105 rupees to the dollar.

SBP said it backed the new rate of 108.25 to the dollar.

Dar said the government will "take actions after we get the report", but did not specify what steps might be taken. He also said a new central bank governor would be appointed after July 29.