Friday, December 1, 2023

PM Shehbaz shareef lauds Ishaq Dr for strengthening the Pakistani Ruppee

Prime Minister (PM) Shehbaz Sharif has lauded the hard work of Finance Minister Ishaq Dar for a strengthening rupee against the US dollar. Taking to Twitter, PM Shehbaz Sharif said it is the grace of Allah that the Pakistani rupee was the best performing currency against the dollar in the world.

“In one week, the rupee appreciated against the dollar by 3.9 percent and at the end of the week closed at Rs 219.92,” he added in his Tweet. PM Shehbaz Sharif further said the economy destroyed by Imran Khan is coming back on track. It is pertinent to mention here that the rupee, which had fallen close to an all-time low of Rs239.71 on Sept 22, has been recovering since Dar replaced Miftah Ismail as finance minister. It has gained Rs17.77 or 7.41pc in the last nine sessions.

Earlier, the domestic currency remained highly volatile since March this year. As it somersaulted from the world’s best performing currency to become the worst and again became the best performing in the past seven days.

Before Dar’s return, the rupee lost almost 12 per cent in 15 successive working days to an all-time low of around 240 PKR in late July on increased risk of default on debt repayment, for instance, in the case of $1 billion Sukuk maturing on December 5, 2022.

Dar also partially blamed his predecessor Miftah Ismail’s policies for the mess in the domestic economy.

Ismail, however, had been praised earlier for taking tough decisions to steer Pakistan away from the risk of default and persuade the IMF to resume its loan programme.

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