Pak rupee to be further strengthened in few weeks: Zubair

ISLAMABAD: Minister of State for Privatization, Mohammad Zubair has said that the value of Pak rupee against US dollar would be further strengthened in the coming few weeks due to inflow of foreign exchange as a result of payment of International Monetary Fund (IMF)’s next tranche and the transaction of SUKUK bond and Habib Bank Limited.

“Due to prudent policies of the government, the value of Pak rupee declined to as low as Rs 98 from Rs 111 in July 2013 but due to some political uncertainty caused by sit-ins of a political party the value weakened for a short period of time but now it is again gaining strength and the value has come under Rs 102”, he told here today.

Regarding the bullish trend of Karachi Stock Exchange (KSE), the minister added that the index has crossed 31,000 points for the first time in the country’s history.

“Since the Pakistan Muslim League (Nawaz) lead government has taken over the charge, the stock market’s index has been witnessing the rising trend which shows that the overall economy of the country is strengthening due to the government’s pro-business policies”, he said.

He said that due to the political turmoil and uncertainty caused by sit-ins of a political party, the index went down for some time but now as the uncertainty has removed the stock market again has started witnessing the bullish trend.

Meanwhile Zahid Latif Khan, Director Islamabad Stock Exchange said that recent talks of the government with the International Monetary Fund (IMF) show that the IMF was likely to issue next tranche which triggered the stock market.

Moreover, he said that the Prime Minister’s visit to China where he signed agreements of different projects worth of US$ 45 billion also played a catalyst role in bullish trend of the Karachi Stock Exchange’s index

which was moving past 31,000 points is a positive sign towards country’s economic revival.

Zahid Latif was of the view that the decreasing prices of different

commodities in the international market including gold, oil and coal benefits the local traders which also helped to boost the index.