SBP chief urged  the exchange companies to bring dollar-rupee parity within normal limits and warned of legal action in case of failure.

“Our intention is to take you (exchange companies) forward and promote your businesses provided you abide by rules of business.”

She urged them to seek mergers, acquisitions to consolidate, strengthen sector and increase its efficiency.

During past one month rupee had been virtually devalued by ten per cent and one US$ was being traded at Rs68 yesterday, which is highest for more than seven years.

On recent speculative trends in kerb market, she told exchange companies to keep dollar-rupee parity differential between interbank and kerb markets at rational levels, restrain from speculation, focus on bringing in home remittances into the country.

Exchange companies representatives gave firm commitment they will ensure dollar-rupee parity differential between Inter-Bank and Kerb market comes down to normal levels within a week.

“Any evidence obtained against any exchange company would be sufficient to suspend or cancel its licence,” she warned.

Dr Akhtar said instead of curbing speculative trends, some exchange companies are playing a role in speculation that is totally unacceptable.

“You should not be led by speculation — it is time to serve country not to mint money through irregularities,” she said.