Rupee’s uptrend continues unabated against US dollar

A currency dealer counts dollars. — AFP/File
A currency dealer counts dollars. — AFP/File
  • Rupee strengthens against dollar for ninth consecutive session.
  • Local currency gains Rs1.74 against greenback.
  • Unit settles at Rs223.90 during early morning trading.

KARACHI: The Pakistani rupee on Wednesday maintained its uptrend for the ninth successive working day against the US dollar in the interbank market.

The local currency gained Rs1.74 against the greenback and settled at Rs223.90 as the market opened.

Yesterday, the local unit gained Rs1.65, or 0.73%, managing to settle at Rs225.64 against the greenback.

Earlier this week, Finance Minister Ishaq Dar assured the masses that he would bring the dollar value below 200 with the help of his policies.

“The actual value of the Pakistani rupee is less than 200 against the greenback and it will be brought down as it is currently undervalued,” he said during Geo News’ programme “Capital Talk.”

He mentioned that the dollar value is strong internationally, but the government “will bring it down below 200″ soon.

The finance czar of the country has strongly favoured intervention in currency markets in three previous stints in the job to strengthen the currency.

A currency trader had told The News that “rupee’s correction reflects bullish sentiments of market players” in the backdrop of the finance minister’s statement.

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