The #Dollar was trending top on microblogging website Twitter on Thursday when the value of the US dollar against the rupee touched all-time high of Rs 148 in the interbank market. Former finance minister and the incumbent chairman of National Assembly Standing Committee on Finance Asad Umar while reacting to sharp increase in dollar price against Pakistani rupee said that it is not caused by the agreement which Pakistan and IMF reached recently.
In an informal talk with the media persons, he said that there is no such condition attached to the agreement. He disclosed that until he was the finance minister, no such condition was placed forward by the International Monetary Fund (IMF) [that would have resulted in currency devaluation].
He said that the issue of rupee's decline will be raised in the finance committee. The matter was not interlinked with the agreement between Pakistan and the IMF [for a bailout package], he added. According to some social media users, the latest depreciation in the rupee comes following Pakistan's agreement with the IMF, securing a $6 billion bailout on Sunday last.
Others reminded Prime Minister Imran Khan of the past while saying: "Imran Khan had said when dollar rate is high then remember that your PM is corrupt." Others tweeted as "Absolute disaster. All time inflation to follow. Vegetables/ fruits/ meat prices already up by 150%."
Bloomberg carried, "Asia's worst performing currency takes another hit. Mohammad Taqi a columnist tweeted, "A #handsome exchange rate thanks to the handsome @ImranKhanPTI! He and I both remember when it used to be 10 rupees to a #Dollar." Senator Sherry Rehman tweeted sarcastically, "The dollar has touched an all-time high of Rs 148 against the rupee but "Awam Ne Ghabrana Nahi Hai."
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