The State Bank of Pakistan. Photo: File 

KARACHI: The State Bank of Pakistan (SBP) on Tuesday began a probe into the largest single drop in the rupee?s value against the US dollar in nine years on July 5.

?The investigation into the matter will be completed within the decided time,? an SBP spokesperson said.

The Finance Minister Ishaq Dar on Wednesday had said responsible persons and entities would be identified and appropriate action would be taken against them in the national interest after the rupee plunged 3.1 percent in the opening hours of interbank trade on Wednesday, sparking a shortage of foreign currency in the open market.

The US dollar surged to its 2.5-year-high against the Pakistan Rupee in the interbank market on July 5 as it gained Rs3.12 to hit Rs108 after closing at Rs104.90 on Tuesday.

Dar immediately took notice of the spike in US dollar against the Pakistan Rupee in the interbank market.

According to a press release by the finance division on Wednesday, the finance minister ?expressed deep concern, indignation, and disappointment at the fact that the current political situation is being exploited by certain individuals, banks and entities, resulting in the artificial rise of the interbank rate of the US Dollar versus the Pakistani Rupee.?

Addressing the media after chairing a meeting with CEOs of all banks on Thursday, Dar attributed the sudden spike in the US dollar price to ?miscommunication between certain people? and assured that the market would adjust itself back to stability.

The minister said the surge in the dollar?s value was ?surprising? and ?artificial.?

?The hike in the dollar was artificial and happened as a result of miscommunication between certain people. A transparent investigation into the matter would be conducted and we will gather all the facts, including who profited and who bore losses from this hike,? he asserted.