December 14, 2018: Minister of State for Revenue, Mr. Hammad Azhar informed the Senate on Friday 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 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.

(APP)

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