KARACHI: Pakistan People’s Party (PPP) leader Khursheed Shah on Wednesday that the stock market has been suffering since former premier Nawaz Sharif’s ouster.
“There has been a loss of billions in the last two months and people have gone bankrupt,” he said.
“There is a dangerous level of pressure on the economy,” he added.
The PPP leader also critcised Prime Minister Imran Khan.
“Imran used to say that he would rather commit suicide than approach IMF and today people are laughing at his non-serious statements,” he said.
“70 per cent of PM Imran’s team is made up of Musharraf’s cabinet members. A party considered dangerous for the country has been given ministries but if Muttahida Qaumi Movement (MQM) is not part of the alliance then the government will collapse,” he elaborated.
The rupee weakened by 10.24 per cent against the dollar in the inter-bank market, touching an all-time low of Rs 139 on Tuesday. The rupee eventually closed the day at 133.6431 against the dollar in the inter-bank market, declining by Rs 9.371 or 7.542 per cent, according to the State Bank of Pakistan (SBP).
The sharp decline in the value of the rupee comes as the country prepares to approach the International Monetary Fund (IMF) for a bailout package.
“The market is aware of the overall macroeconomic conditions and based on those conditions, they are having their own expectations about the exchange rate, so that is driving (the rupee valuations) currently,” said State Bank of Pakistan (SBP) spokesperson Abid Qamar.