Imran Khan raises alarm over rupee, stock market's slide
- By Web Desk -
- May 13, 2022
ISLAMABAD: Former prime minister and PTI Chairman Imran Khan on Friday raised alarm over the declining value of the rupee and stock market and hike in inflation and interest rates and said that it reflects the lowest ever confidence in ‘imported’ government.
Taking to Twitter to share economic woes faced by the country after the incumbent government took charge, Imran Khan said that the rupee has hit an all-time low at Rs193 from Rs178 on March 8 while interest rates at 15 percent are the highest since 1998.
“Stock market down 3,000 pts or 6.4%; stock market lost Rs604 billion capitalisation; Inflation 13.4% highest since Jan 2020,” he said while terming them as indicators of lack of confidence in the government.
Imran Khan said that the market awaiting policy and action, which the ‘imported government’ has failed to provide. “Both myself [and] Shaukat Tareen had warned the “Neutrals” that if conspiracy succeeded our fragile economic recovery would go into a tailspin. That is what has now happened.”
Market awaiting policy & action, which Imported Govt has failed to provide. Both myself & Shaukat Tareen had warned the “Neutrals” that if conspiracy succeeded our fragile economic recovery would go into a tailspin. That is what has now happened. #امپورٹڈ__حکومت__نامنظور
— Imran Khan (@ImranKhanPTI) May 13, 2022
It is pertinent to mention here that the Pakistani rupee continued to lose ground against the US dollar in the interbank market on Friday, as the greenback reached an all-time high of Rs192.86.
According to the Forex Association of Pakistan, the US dollar breached the 192-mark at the day’s start and soared to Rs192.86 around 11:50am. The value of the greenback surged byRs1.09 in early trading.