Amid the Dollar rising day by day and the economical crisis at its peak, Miftah Ismail has hoped for better weeks coming ahead. dollar shortage and concerns over a delay in an International Monetary Fund (IMF) bailout program, the Pakistani rupee witnessed its worst month in July since 1972.
“I really think — although I never like to speculate on the currency market — I really think that the rupee’s true value is far greater [than what it is right now],” the finance minister said. while explaining the reason for the rupee downfall he said, Pakistan had to part with “a billion and another billion”, which put pressure on the local currency.
“With our efforts to reduce imports and InshaAllah, with the daily rise in incoming dollars versus a decline in outgoing units, there will be a surplus [of dollars],” he said. “This will lead to a reduced pressure [on the rupee] and the dollar’s value against the rupee should then see a slight drop,” the minister added.
Ismail said that he has hope that the “next two weeks will InshaAllah be better”.
