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Political uncertainty led to rupee’s fall against dollar: Miftah

Allows buying 200,000 tons of urea; 300,000 tons of wheat bought
Updated 20 Jul, 2022 03:51pm

Guzishta 3 maah say koshish ki ja rahe hai kay daramdad kam ho: Miftah Ismail | Aaj News

There was no doubt that the recent downward slide in the rupee’s value was because of political uncertainty, Finance Minister Miftah Ismail said.

“Soon the political situation will be stable,” he said while addressing a press conference, focused on the prevailing economic situation, in Islamabad. “Dollar is appreciating across the world.”

The finance czar’s presser came as the rupee continued to slide down for the third consecutive day after the results of the Punjab by-election on Sunday. The rupee depreciated by Rs3.01 during the early morning trade in the interbank market on Wednesday.

Key points

  • Pressure on the rupee increased over the last six months due to high imports
  • Pakistan to fill the $4 billion gap with assistance from ‘friendly countries
  • SBP governor will soon be appointed
  • Electricity tariff not increased for 50% of household consumers
  • No prior action from IMF related to gas price
  • Buying 200,000 tons of urea allowed
  • 300,000 tons of wheat bought, overall Pakistan has 800,000 tons of wheat in stock
  • Only three per cent depreciation in rupee value from December

Finance minister

Miftah Ismail

dollar vs rupee

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