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Pakistan Finance Minister says rupee slide not due to economic fundamentals

Pakistan Finance Minister says rupee slide not due to economic fundamentals

Pakistan's new finance ministry chief Miftah Ismail speaks with a Reuters correspondent during an interview in Islamabad, Pakistan, on Dec 28, 2017. (File photo: Reuters/Faisal Mahmood)

ISLAMABAD: The current downturn of the Pakistani rupee against the United States dollar was not due to economic fundamentals, but because of political turmoil, Finance Minister Miftah Ismail said on Wednesday (Jul 20).

"The panic in the market is primarily due to political turmoil, which will subside in a few days," Ismail told Reuters, adding that he expected pressure on the rupee to fall in the next few days.

The rupee slid 3 per cent against the dollar by Tuesday's close and continued its downtrend when trading opened on Wednesday.

Source: Reuters

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