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Pak rupee will not depreciate further: Hammad Azhar

Pak rupee will not depreciate further: Hammad Azhar

ISLAMABAD: Minister of State for Revenue Hammad Azhar said that the Pakistani rupee would not depreciate further.

Responding a calling attention notice raised by Senator Sherry Rehman regarding the record devaluation of Pak rupee against US dollar, he said the prices of the dollar against rupee had been maintained artificially in the past through expenditure of $8 billion from foreign reserves.

The minister said the government inherited the worst economic situation and was making consorted efforts to put it on the right track. Giving details, he said, “In December 2017, the rate of rupee against the dollar was Rs104, while it touched Rs124 in May 2018. In June 2018, the currency further devalued to Rs129.”

He also told the House that construction of Havelian dry port is part of Pakistan’Railways ML-1 up-gradation project which is under negotiation with the Chinese side. Present government attaches great importance to cooperation Chinese under CPEC.

It will improve over all socio-economic development of the country, particularly remote regions, however, the project of Multan-Sukkur Motorway is part of CPEC portfolio which passes through South Punjab.