Dar flays govt's Aristotles over rupee slide, negative exports

Senior PML-N leader and former finance minister Ishaq Dar on Monday blasted the government over the unchecked devaluation and described the measures taken since 2018 as failed economic policies.

In a tweet, Dar said the currencies in other regional countries were comparatively stronger than the rupee. “Weak rupee never helped exports in last 50 years,” he argued.

Rupee/$ slided to 167. Regional currencies are comparatively strong than Rupee.Week rupee never helped exports in last 50 years. Where are aristos who claimed stable rupee was holding exports growth?With negative exports growth,debt added Rs5.7 trillion. #Failed economic policies

— Ishaq Dar (@MIshaqDar50) June 22, 2020

Dar also posed a question. “Where are the Aristotles who claimed that the stable rupee was holding exports growth?”

With negative exports growth, the debt had been increased by Rs5.7 trillion, said the former finance minister who led the PML-N’s economic team during the last tenure of Nawaz Sharif as prime minister.

If we have a look at the other currencies in the region, Dar’s assertion is proven to be right, as one Bangladeshi taka is available for Rs1.9696 while an Indian rupee is currently equal to Rs2.20. Even one Afghani costs Rs2.17.

Earlier on Friday (the last business day of the week), the US dollar was available for Rs166.63 as it gained 28 paisas in inter-bank rate on Friday, which translates into an overall gain of Rs2.41 against the local currency during the week.

Meanwhile, the dollar reached the level of Rs167.20 in open market after gaining 60 paisas.

On June 5, the dollar had reached the level of Rs163.30 while it currently stands at Rs166.63, representing a gain of Rs3.33 against the local currency.

Similarly, the dollar was available for Rs167.20 in open market, which means it is up by Rs3.70 when compared with the value recorded on June 5.