Finance Minister Asad Umar rules out further devaluation of rupee

KARACHI: Finance Minister Asad Umar on Friday ruled out a further devaluation of the rupee, which has lost about 25 percent of its value over the past year, urging people to invest in the stock market and not waste money buying dollars.

“Today, State Bank of Pakistan has given a categorical statement that rupee is in equilibrium. Central bank cannot speak clearer than this,” the finance minister was quoted by Reuters as saying in a speech at the Pakistan Stock Exchange shown on television.

“There is no reason of big devaluations.”

He added that there were no demands for what the exchange rate should be in the talks with the IMF.

The minister advised the people not to waste money buying dollars, but instead invest in the stock market.