KARACHI: For the ninth day in a row on Wednesday, the interbank market saw the Pakistani rupee strengthening versus the US dollar. The exchange rate of the local currency to the dollar was Rs223.90 at the start of the market, up Rs1.74.
The local currency managed to gain Rs1.65, or 0.73%, yesterday and end the day at Rs225.64 against the US dollar. An investor claimed that the rupee’s correction “reflects bullish emotions of market players” following Finance Minister Ishaq Dar’s pledge to lower the dollar’s value to below Rs200.
The Pakistani rupee’s present undervaluation will lead to a decline in value, which is currently less than 200. However, Dar promised that “we would lower it below 200 against our currency soon.” The dollar is now strong on a global scale.
In his three prior terms as president, he firmly supported intervening in the currency markets. He is likely to strengthen the rupee, which on Tuesday finished at Rs225.64.
