Tuesday, October 20, 2020

Major decline witnessed in Rupee against USD, Bostan slams critics on Rupee rumors

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Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

The Pakistani rupee shed Rs2.0 against the US Dollar in the open market on Saturday, which closed at Rs144. Rupee has shed Rs3.0 against the greenback in this week.

Economists expressed concerns over the continuous depreciation in rupee value saying this would result in very high inflation.

According to reports, after the bailout package is signed with the IMF, local currency is likely to go another round of devaluation, wherein analysts anticipate it to reach Rs160/USD.

Chairman Forex Association of Pakistan Malik Bostan Khan has slammed the critics who spread the rumors of Rupee-USD parity.

Bostan said that the public is in a state of shock and concerned over the IMF conditionalities and the analysts forging their perceptions to further flare.

While talking to ‘World News Observer’ Bostan said that only Prime Minister, Finance advisor, Secretary Finance and the central bank has the authority to deliver the statements on sensitive nerve of the economy.

Blaming the analysts, Bostan said that their statement could profit the swindlers and the country will suffer huge economic loss. Bostan urged the government to declare the policy against the rupee rumors.

He said that the FAP is in talks with SBP officials on Rupee status. On Saturday Forex Association of Pakistan did not released the cash free market rates due to the uncertainty in the market.

Read also: Finance ministry says no discussion with IMF on Pak Rupee parity

Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

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