ISLAMABAD: Prime Minister Shehbaz Sharif on Saturday expressed relief that “Imran Khan’s ruined economy” was getting back on track as the Pakistani rupee – which hit an all-time low a few days ago – fell. was on the verge of touching down – the best-performing currency in the week ending Friday.
The rupee posted its biggest gain of 3.9 percent in five working days to Rs 219.92 against the dollar on expectations of significant foreign currency inflows.
“Finance Minister Ishaq Dar’s hard work is paying off, [PTI chief] Imran Khan’s battered economy is back on track,” the prime minister wrote on Twitter as the local currency rose 3.9 percent to 219.92 in a week. It closed at Rs. Greenback
پاکستانی روپے کا ڈالر کے مقابلے میں بہترین کاکردگی دکھانے والی ورلڈ کرنسی بننا اللہ تعالیٰ کا کرم ہے۔ 1 ہفتے میں روپے کی قدر میں 3.9فیصد اضافہ ، ہفتے کے اختتام پر ڈالر 219.92 ہوگیا ہے۔وزیر خزانہ اسحاق ڈار کی محنت رنگ لا رہی ہے، عمران خان کی تباہ کردہ معیشت واپس پٹڑی پر آرہی ہے۔
— Shehbaz Sharif (@CMShehbaz) October 8, 2022
Friday was the 11th straight working day for the rupee as it continued its winning streak since Dar announced his return to Pakistan after ending five years of self-imposed exile last month.
Apparently, after assuming power, Dar resumed his old policy of protecting the rupee from the onslaught of the US dollar.
He found the rupee at an all-time low of around 240 to the dollar on July 28 and suspected commercial banks of manipulating the value of the rupee for their own interests. Investigations are ongoing in this regard.
Ahead of Dar’s withdrawal, the rupee has lost nearly 12 percent (or Rs. 25) for 15 consecutive working days to hit a low of around Rs. 240 in late July due to heightened risk of default on loan repayments. , for example, in the case of 1 billion dollars. The sukuk matures on 5 December 2022.
Dar partly blamed the policies of his predecessor Miftah Ismail for the deterioration in the country’s economy.
However, Miftah was earlier praised for taking tough decisions to steer Pakistan away from the risk of default and to convince the International Monetary Fund (IMF) to restart its lending program.
However, speculation is rife that the strength of the US dollar against several major global currencies, global crude oil prices rising above $90 per barrel, fears of a recession in Europe, Pakistan’s foreign exchange Against the background of reduction, the rupee will resume its decline. There was no significant increase in currency reserves and domestic exports.
Earlier, the domestic currency has been highly volatile since March this year as it went from being the world’s best performing currency to becoming the world’s best performing currency again in the last seven days.
