Rupee to gain against dollar in next 2 weeks: Miftah

Finance Minister Miftah Ismail said on Sunday that the Pakistani rupee, which has been facing depreciation over the past few weeks would see an improvement "within two weeks".

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Ismail addressed a news conference to discuss Pakistan’s economic path.

”I truly believe” – even if I never like to speculate on the foreign exchange market —but I do think the true value of the rupee is much greater [than it is now],” said the minister of finance.

He explained that over the past two months, Pakistan had to split up into “a billion and another billion”, putting pressure on the local currency.

Ismail said that Pakistan purchased petroleum products worth Rs3.8b which was paid in July, putting much pressure on the rupee.

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“This month, the State Bank had to pay an additional $800 million against the country’s capital inflows,” he added.

Ismail said efforts will be focused on more dollars coming in each day and less leaving the country next month.

“This will result in less pressure [on the rupee] and the value of the dollar against the rupee should then see a slight fall,” the minister added.

Ismail said he is hopeful that the “next two weeks will be InshaAllah better”.

 

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