Pakistani rupee keeps on thrashing US dollar, up by Rs1.70

Local currency buoyant after Ishaq Dar’s statement that dollar surge is unrealistic

By: News Desk
Published: 10:27 AM, 5 Oct, 2022
Pakistani rupee keeps on thrashing US dollar, up by Rs1.70
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Ever since PML-N’s Ishaq Dar has become the country’s finance minister, Pakistani rupee has yet again outclassed the US dollar in the opening session of the interbank market on Wednesday, reported 24NewsHD TV channel. 

The value of Pakistani rupee improved as it was appreciated by massive Rs1.70 and ended the day at Rs223.94.

On Tuesday, the greenback was closed at Rs225.64.

The dollar rate kept on depreciating after Finance Minister Ishaq Dar declared that the surge in the American currency’s value was unrealistic. It should come down to below Rs200, he added.

In an interview with a private TV channel, Ishaq Dar stated that rupee was under value as its value should be below Rs200 against the USD. He said the dollar at the moment is pitching very strong internationally but the government will bring it down through its policies.

The PKR recovery is steady since the last week of September. The resuscitation of the local unit could also be attributed to the revised policies of the State Bank of Pakistan for foreign exchange companies. 

The Mettis Global quoting an official of the Intermarket Securities has said that a decrease in international oil prices coupled with lowering foreign exchange liquidity demand are the main reasons why the rupee is appreciating.

He said that "the rupee can gain more strength against the greenback and will likely appreciate to Rs215-220 in coming time.”

Reporter: Ashraf Khan