Since the Pakistani rupee is continuing to gain ground against the US dollar, Caretaker Federal Minister for Commerce Gohar Ejaz on Saturday said that the masses can expect some 'positive news' regarding petrol prices.
Addressing a press conference in Karachi along with Sindh Governor Kamran Tessori, Ejaz said that the government's actions to crackdown on smugglers and hoarders had led to an increase in the supply of foreign currency in local markets which helped to strengthen the rupee.
The Pakistani rupee has made a remarkable recovery in the past 12 consecutive working days and gained nearly 5% to reach a five-week high of Rs292.78 against the US dollar in the interbank market.
This rate is now nearly Rs5 away from its level before the caretaker government took over.
The minister said that with a stable currency, prices of petroleum products were expected to decrease.
The recent surge in petrol prices has been a major driver of inflation, and many people are eagerly awaiting relief as the local currency gains strength.
On the occasion, Sindh Governor Kamran Tessori said that the US dollar was expected to reach approximately Rs250 soon.
