Govt & State Bank Rule Out Further Depreciation of Rupee-Geo Urdu News

Pakistani currency (PKR) Chances of further devaluation against the United State Dollar (USD) Said Pakistani Finance Minister Asad Umar. He said through a video link conference. Asad Umar made these remarks at Pakistan Stock Exchange.

Asad Umar Said that the IMF has demanded devaluation of the rupee 160 or 180 per United State Dollar (USD). Finance Minister Asad Umar Said that the previous Government had artificially kept the price of the rupee.

Pakistani Finance Minister Asad Umar Said that the based on a statement from the central bank which said the rupee wouldn’t slip further against the US bill.

President of Forex Association, In Pakistan Mr. Malik Bostan said that it was because the government made six principal foreign payments last week. He also hinted that the rupee might be facing a temporary fall due to an increase in the demand of United State Dollar (USD).

President of Forex Association, In Pakistan Mr. Malik Bostan said that Forex association has stopped selling dollar in the open Market. President of Forex Association, In Pakistan Mr. Malik Bostan said that they are selling greenback to genuine buyers who want to spend them on education, healthcare and foreign tours only.

Mr. Malik Bostan said that The Pakistani rupee would fall down to Rs 150 to 180 against the dollar by June this year.

Note: President of Forex Association, In Pakistan Mr. Malik Bostan advised people to invest in stocks,property and other instruments instead of buying dollars.