KARACHI: Since Ishaq Dar took over the Finance Ministry on Tuesday, the Pakistani rupee held steady against the dollar for the eighth straight day.In the early morning session at around 10am, the local currency managed to gain Rs1.79 in the interbank market and settle at Rs225.50 against the US dollar.
The Pakistani rupee increased by Rs1.16, or 0.51%, to end the day’s trading at Rs227.29, according to the State Bank of Pakistan. According to data from the SBP, the rupee closed last week at Rs228.45.
The public had been promised by Finance Minister Ishaq Dar the day before that he would use his policies to lower the value of the dollar to under 200.” The Pakistani rupee’s actual value is less than 200 versus the dollar, and because it is now undervalued, it will fall in value.”
Internationally, the dollar is strong, but “we will push it down to 200 versus our currency soon,” he said. In his three prior jobs, he strongly supported intervening in the currency markets, and it is anticipated that he will strengthen the currency.
