Chief justice expresses concern over rupee devaluation

ISLAMABAD (92 News) – Chief Justice of Pakistan Justice Mian Saqib Nisar on Wednesday expressed concern over the depreciation of Pakistani rupee against the US dollar. A three-member bench of the Supreme Court headed by the chief justice heard a suo moto notice pertaining petroleum prices and the imposition of additional taxes. During the hearing, the chief justice lamented on the devaluation of the Pakistani rupee, saying that the economic situation is not ideal these days and inflation is rising while rupee is depreciating. “People are worried at this inflation. The taxes on petroleum products have increased manifold,” CJ Nisar remarked. The chief justice asked that on what basis is the PSO managing director drawing a salary of Rs3.7 million. He directed that the government informs the bench regarding the basis on which the PSO MD was paid a salary of Rs3.7 million. “Nobody else in Pakistan must be drawing this much salary,” he added. The top court ordered the National Accountability Bureau (NAB) to inquire the salary and perks granted to PSO MD. A day earlier, the US dollar touched the high level value against the Pakistani rupee in the open market. According to the forex dealers, the dollar was up by Rs9 as market opened today as it stood at Rs124.25 when the market closed on Monday. The increase in dollar has led to uncertainty in the market. The dollar soars to Rs138, touching the highest level of Rs 138 in the open market after increase. Meanwhile, the business has become rapid in the stock market. KSE-100, the benchmark index of the Pakistan Stock Exchange increased by 1044 points 100 index is trading on 38942 points.