Finance Minister Asad Umar has denied saying that the dollar will touch Rs160.
According to the State Bank, the value of the rupee has not fallen, he said. Speaking to the media in Islamabad, he said they went to the IMF for a $2.5 billion deficit. The previous deficit is also the cause of the dollar rising in the country, he explained.
However, the finance minister said the current account deficit is reducing and has become 8.5% now. We have controlled the eight-month deficit in the accounts, he claimed.
Umar denied saying that the dollar will touch Rs16o and said the IMF has not given any dollar-related conditions.
Pakistan and the IMF are very close to signing an agreement and it is going to be the last IMF programme, he said, adding that he will be attending IMF and World Bank meetings next week.
My estimate is that during that meeting we will be very close and then we will call the IMF staff mission to sign the final agreement, he said.
In his latest remarks, Umar also assured the opposition parties that he will share a detailed paper with the Parliament on Monday and would like to take suggestions from both houses of the Parliament in this regard.
The finance minister rejected all rumors regarding further devaluation of rupee against dollar and warned of legal action against those involved in speculations. IMF has not raised any demand with Pakistan regarding the exchange rate or rupee depreciation, he remarked.
He admitted that rupee has been devalued against US dollar by Rs 14 during the first seven months of Pakistan Tehrek-e-Insaf government. In December 2017 dollar rate was at Rs 105 while it jumped to Rs 127 till July 2018, means it depreciated by Rs 22 during this period, he added.