ISLAMABAD: As the Pakistani rupee continues to fall against the US dollar, on Friday fell to an all-time low, ousted PM Imran Khan claimed he and his finance minister had warned of a “neutral” country A reference to the U.S.’s powerful security establishment – that if the plot against his government is successful, “the delicate economic recovery will go into a tailspin”. According to Imran and his Pakistan Tehreek-e-Insaf, the conspiracy was hatched by the US in collaboration with his political opponents to remove him from office for pursuing an “independent foreign policy”. Taking to Twitter, Imran said: “Rupees all-time low (Rs) 193/$ (from Rs 178 on March 8); interest rates at 15 per cent, highest since 1998; stock market 3,000 points or 6.4 PC down; stock market loses capitalization of Rs 604 billion, inflation 13.4 per cent, highest since January 2020.”
Imran’s tweets came with the Pakistan Stock Exchange and the Pakistani rupee coming under pressure over the past few days as the new government failed to take a decisive decision. The latest depreciation recorded in the rupee’s value comes after the central bank’s report on Thursday that forex reserves fell to a 22-month low of $10.3 billion. In the interbank market, the greenback reached 193 on Friday, breaking all previous records. On Thursday, the domestic currency had closed at Rs 191.77 against the dollar.
Imran said the numbers reflect the “lowest confidence in the imported government”. Analysts have linked economic pressure to rising oil import bills and uncertainty over the continuation of the IMF’s debt plan coupled with a widening trade deficit. Responding to Imran’s claims, Pakistan’s Information Minister Maryam Aurangzeb said: “If there has been a historic rise in the dollar (price), then Imran Khan is to blame.”