Pakistan’s Finance Minister Miftah Ismail blamed the country’s political unrest for the current decline of the rupee, which on Wednesday plunged to a record low of Rs225 against the US dollar in the interbank market.
In a media interview, the finance minister added that the current market panic was primarily caused by political unrest in the nation and that it would pass in a few days. He insisted, “I expect the pressure on the rupee to fall in the next few days.
The Pakistani rupee was trading at Rs225 at 10:30 a.m., down Rs3.01 or 1.3% from yesterday’s close of Rs221.99, according to the Forex Association of Pakistan.
The finance minister tweeted that imports were $2.6 billion as of July 18, which is a 20% decrease from the previous year.
“We will end the month at $5.5 billion. The runaway imports from last year have come under control this month, thanks to the SBP measures. We will continue with these measures in the near term to ensure imports and current account deficit (CAD) remain under control,” he stated.
