Sunday, July 21, 2024

Pakistani Rupee gains Rs 3.12, reaches Rs 229 against dollar in interbank

The rupee gained value versus the dollar for the fifth consecutive trading session on Thursday, following a change in leadership at the Ministry of Finance and a warning from Ishaq Dar to speculators dealing in the local currency.

During intraday activity in the interbank market, the dollar fell 2.5 to 229.62 per rupee, down from the previous session’s close of 232.12.

The appointment of Ishaq Dar, a close adviser to PML-N supremo Nawaz Sharif, as finance minister has helped bolster confidence, and the reduction in international commodity prices has helped the rupee gain.

The newly appointed finance minister Ishaq Dar has warned against the manipulation of Pakistani currency. After taking oath as a federal minister, Ishaq Dar vowed to bring down inflation and the interest rate”. He stressed that the rupee during PML-N’s previous tenure remained stable.

Dar also had a warning for currency market speculators. He said that the Pakistani rupee was undervalued. It has weakened more than 30% against the US dollar so far this year.

“Our currency right now is not at the place where it should be, it is undervalued,” said Dar.

“I hope the speculators will stop. I think they have already got it and we are seeing the rupee rising,” he added. “No one will be allowed to play with the Pakistani currency.”

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