Finance Minister Miftah Ismail on Thursday said the dollar market was now “under control”, and claimed that stability had returned following the government’s announcement that it intended to complete the remainder of its term.
Following the PTI’s thumping win over the PML-N in 15 of the 20 seats in Sunday’s crucial by-elections, speculation had started about what such a result would herald for the longevity of the federal government. However, the coalition government announced on Monday that it would still see off its term rather than calling for early elections.
The political turmoil was not without its effects in the financial markets. Earlier today, the rupee’s slide against the dollar continued unabated with the local currency falling to Rs226 in the interbank market, with watchers attributing the losses to political “chaos” and a greenback that is strengthening against other currencies as well.
Addressing a press conference on the matter in Islamabad today alongside Defence Minister Khawaja Asif, Ismail said: “The dollar market has been quite shaken for two to three days since July 17 but it has now been brought under control slowly.”