Pakistani Rupee devaluation: Federal government makes important decision

Pakistani Rupee devaluation: Federal government makes important decision
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ISLAMABAD - Minister of State for Revenue Hammad Azhar said on Friday that the Pakistani rupee would not depreciate further.

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

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

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

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