ISLAMABAD – Minister of State for Revenue Hammad Azhar said on Friday thatthe Pakistani rupee would not depreciate further.

Responding to a calling attention notice raised by Senator Sherry Rehmanregarding the record devaluation of Pak Rupee against US Dollar, he saidthe price of the dollar against rupee had been maintained artificially inthe past through expenditure of $8 billion from foreign reserves.

The minister said the government inherited the worst economic situation andwas making consorted efforts to put it on the right track.

Giving details, he said, “In December 2017, the rate of rupee against thedollar was Rs104, while it touched Rs124 in May 2018. In June 2018, thecurrency further devalued to Rs129.”