The rupee suffered its seventh consecutive loss against the dollar, depreciating by Rs1.11 in the interbank market on Monday, despite claims of stability and high hopes with the IMF inflow.
Currency dealers said the local currency is now set to decline further without any resistance. The dollar settled at Rs287.92 in the interbank market while it gained Re1 to reach Rs293 in the open market.
During the last seven trading sessions the dollar appreciated by 3.98 per cent, or Rs11.46.
Currency experts said the dollarisation of the economy has started at a general level, as domestic savers are buying dollars to protect their savings. This is against the trend, considering that banks have been offering much higher returns due to the 22pc policy rate.
Mr Asif blasted the Punjab police over failure to improve law and order in katcha area at the border with Sindh, stating that authorities have failed to establish peace despite the ongoing operation for the past three months or so. Instead, he said, the crime has increased in the area.
He said keeping in view the law and order situation and terrorism, every citizen wanted to keep arms for protection and security.
The issue was raised on a point of order by PPP MNA Ghulam Mustafa Shah, who is also the head of a special committee on the issue of arms licences, when he protested over the absence of Interior Minster Rana Sanaullah and other officials of the ministry from the committee’s meeting earlier in the day.
The PPP member said they knew many tactics to disrupt the parliamentary proceedings, including pointing out quorum, but they were not doing it as they did not want to spoil the atmosphere at a time when the government was about to complete its term. He asked the speaker to adjourn the session till the time the government came up with some assurance.
Sardar Ayaz Sadiq tried to pacify the agitated lawmaker and said he had talked to Mr Sanaullah and he had promised to clear the backlog and that he would be available in Islamabad on Tuesday.
Earlier, some lawmakers, including Minister for Education Rana Tanvir, complained about the non-cooperative attitude of bureaucrats and hit out at the speaker over failure to make them comply with his directives.
At this, Mr Ashraf became angry, saying it was the government’s responsibility to implement his rulings.
“If you are in the government then you should suspend the secretary and appoint a new secretary. You have to establish the writ of the government,” he said while addressing the defense minister.
