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New Finance Chief Vows to Defend Pakistan’s Sinking Rupee

  • Will not allow speculators to play with the currency: Dar
  • Nation’s dollar bonds slumped to record lows after comments
Ishaq Dar
Ishaq DarPhotographer: Kiyoshi Ota/Bloomberg
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Pakistan’s new finance minister Ishaq Dar has vowed to defend the sinking rupee and reduce interest rates to pull the country out of an economic crisis marred by high inflation and low foreign exchange reserves.

“Our top priority is our currency. The level it has reached is not its rightful place,” Dar told reporters on Wednesday soon after taking charge. Pakistan isn’t moving out of a market-based rupee rate but we will not allow speculators to play with the rupee, he added.