The rupee has plunged to a new record low against the dollar. Finance minister Ishaq Dar’s promises to bring the exchange rate down to around Rs185 per dollar have proven to be hollow and it seems trying to maintain such a rate was unsustainable and has only made things worse.
Now, the finance minister has been forced to eat his own words. This is a grave situation and inflation is likely to rise in the near future, adding to the miseries of the middle class. Perhaps the incumbent government needs to inject some new blood into its economic team.
Engr Asim Nawab
Islamabad
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