Price Of Dollar Against Rupee Artificially Maintained In Past: Minister Of State For Revenue Hammad Azhar

Sumaira FH Published December 14, 2018 | 05:27 PM

Minister of State for Revenue Hammad Azhar Friday informed the Senate that price of dollar against rupee had been maintained artificially by spending $ 8 billion from foreign reserves in the past.

ISLAMABAD, (UrduPoint / Pakistan Point News - 14th Dec, 2018 ) :Minister of State for Revenue Hammad Azhar Friday informed the Senate that price of Dollar against rupee had been maintained artificially by spending $ 8 billion from foreign reserves in the past.

Responding to a Calling Attention notice raised by Sherry Rehman regarding record devaluation of Pak rupees against US dollar, the minister said the government inherited worst economic situation and making all out efforts to put it on right track.

Giving details, he said in December 2017, rupee rate against dollar was Rs 104, in May 2018, it was Rs 124 and in June 2018, it further jumped to Rs.129.

Clarifying the statement attributed to the Governor State Bank of Pakistan, he said rupee would not be further depreciated.

However, the minister could not complete his answer due to pointing out of quorum by PML-N Senator Ashok Kumar.

Later, the House was adjourned to meet again on Monday at 2:00 pm.

Meanwhile, as many as two reports of standing committee on National Health Services, Regulations and Coordination regarding getting of WHO certification of Drug Regulatory Authority of Pakistan and the Transplantation of Human Organs and Tissues (Amendment) Bill, 2018 were presented in the House.

Chairman Standing Committee Mian Muhammad Ateeq Shaikh presented both the reports.