“You are correct that after the August 17 [Punjab by-]polls, the dollar has got out of control and appreciated,” he said while responding to a prompt from a reporter during a press conference in Islamabad.
“I truly believe — even though I don’t speculate on the currency market — but I think that the true value of the rupee is far greater than this.”
He stated that this month and the previous month, the government had to make payments worth billions which had caused the local currency to come under pressure.
However, he added that the pressure on the rupee would end by next month, promising to rein in the current account deficit.
The minister said that he would endeavor to ensure that the dollars coming into the country on a daily basis would be more than those leaving.
Ismail said that efforts to reduce imports would bear fruit and the value of the dollar would fall, adding that an improvement would be seen within the next two weeks.
“But let me be honest, no one knows the market. I can believe the fundamentals are in my favour but speculation, sentiments also play a role.”
At one point, he also remarked that one remaining condition of the International Monetary Fund (IMF) would be fulfilled by tomorrow morning, without specifying which.