'Rupee lost Rs23 against US dollar in last 55 days,' says Hammad Azhar

• "Dollar has risen by Rs2.85 in just a day," says Hammad. 
• He adds Moody's has moved country's economy from positive to negative.
• He says economic situation has now become serious.

ISLAMABAD: PTI senior leader and former energy minister Hammad Azhar Tuesday said that the rupee has lost Rs23 against the US dollar in the last 55 days since Prime Minister Shehbaz Sharif came into power. 

Addressing a press conference in the federal capital, Hammad criticised the coalition government for its "incompetence" and said that the government spent its 30-40 days in ambiguity. "The dollar has risen by Rs2.85 in just a day," he added. 

The Pakistani rupee broke all records by dropping to an all-time low of 202.83 against the US dollar. It shed Rs2.77, or 1.37% to close at Rs202.83. 

The local currency also made a historical drop of Rs4.00 in a single day and surpassed the Rs204 threshold against the greenback in the interbank market during the intraday trade.

Commenting on the economic situation of the country, the former minister said that Moody’s Investor Service — a global credit rating agency — has moved Pakistan's economy from positive to negative. "The market does not trust this government and this situation leads to the failure of the economic team. The economic situation of the country has now become serious," he mentioned. 

"There would have been electricity loadshedding during the PTI's tenure if our planning was flawed. If our party was still in power, there would be political and economic stability in the country," maintained Hammad, adding that there was "no other way instead of fresh elections to fix things."

The former minister also said that even if all parties were to come together, they cannot compete against the PTI.

Talking about the International Monetary Fund's (IMF) agreement and the current government's reason for increasing the petrol prices due to the PTI's deal with the Fund, the PTI leader said that the agreement was coming to an end in September. "Why did the conditions not come to the fore if they were that strict?" he asked.