Imran Khan slams PDM govt over rupee devaluation

Former premier and Pakistan Tehreek-e-Insaf (PTI) chairman Imran Khan slammed the Pakistan Democratic Movement (PDM) government over the rupee devaluation, ARY News reported on Thursday.

In a Twitter message, Imran Khan said that the “Rupee slaughtered – lost over 62% or 110/$ in 11 months of the PDM. This has increased public debt alone Rs14.3 trillion and history 75-year high inflation up to 31.5%.”

He added, “Pakistanis paying heavy price of the regime change conspiracy where a bunch of criminals have been foisted upon nation by ex COAS.”

Rupee slaughtered – lost over 62% or 110/$ in 11 months of PDM. This has increased public debt alone Rs 14.3 trn & historic 75 yr high inflation 31.5%. Pakistanis paying heavy price of regime change conspiracy where a bunch of criminals have been foisted upon nation by ex COAS. pic.twitter.com/xVkqxg6IN6

— Imran Khan (@ImranKhanPTI) March 2, 2023

RUPEE FALLS SHARPLY

The Pakistani rupee’s value declined sharply in the interbank trading on Thursday with the local currency falling by Rs19.98 against the US dollar, ARY News reported quoting forex dealers.

According to forex dealers, the local currency closed at Rs285.09 in the interbank market against USD.

In the open market, the greenback was being traded at Rs290, said forex dealers. The local unit closed at 266.11 in the interbank the other day.

Analysts attributed the downtrend to the delay in signing the staff-level agreement with the International Monetary Fund (IMF), as well as the impending policy rate hike by the central bank.