Finance Minister assures no rupee depreciation further

KARACHI: On Friday, Finance Minister Asad Umar  has assured there is no likelihood of further rupee devaluation.

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Asad Umar addressing a gathering after the listing of Interloop Limited at the Pakistan Stock Exchange  said, “Rupee’s value is in tune with the market and the State Bank of Pakistan has also said that is in equilibrium. In the past, rupee was kept artificially high.”

The finance minister urged, “Rumours should not be spread and don’t waste money by buying dollars.”

“We have not spoken to the International Monetary Fund regarding the exchange rate level,” he added.

On Thursday, Pakistan Muslim League-Nawaz (PML-N) leader Saad Rafique  who is facing anti- graft allegations  asked Umar to apologise and resign over his remarks that Pakistan is “near bankruptcy”. On Wednesday, Umar had said Pakistan’s basic debts have reached alarmingly on such a high level that the country is near bankruptcy.

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