SBP deputy governor cites reasons for rupee devaluation against US dollar

• SBP Deputy Governor Jameel Ahmed cites demand and supply and ongoing situation in Afghanistanas reasons behind currency devaluation.
• Senator Sherry Rehman says that the central bank is not ready to comment on the rate of the dollar.
• The rupee touched a new record low of Rs169.11 in the inter-bank market on Wednesday.

State Bank of Pakistan Deputy Governor Jameel Ahmed on Wednesday said that the rupee's devaluation was linked with demand and supply and the ongoing situation in Afghanistan.

During a meeting of the Senate Standing Committee on Finance, under the chairmanship of Senator Talha Mahmood, the deputy governor said that due to the pressure of balance of payments and the ongoing situation in Afghanistan, the value of the US dollar rose.

Ahmed said that the rate of the dollar also increased due to the supply and demand of the currency.

Speaking on the occasion, Senator Sherry Rehman said that the central bank is not ready to say anything regarding the rate of the dollar, and so the Ministry of Finance should answer why the local currency dropped to Rs170 against the US dollar.

Mahmood recalled that when Shaukat Tarin was appointed as the finance minister, the dollar was at Rs153, however, the greenback has now touched Rs170.

On Wednesday, the Pakistani currency touched a new record low of Rs169.11 in the inter-bank market.