Pakistani rupee continues upward march against Greenback

Actual value of dollar is less than Rs200

Ishaq Dar

The Pakistani rupee continued its upward march against the dollar in the interbank market on Tuesday as new Finance Minister Ishaq Dar vowed to bring the greenback below Rs200.

The rupee was changing hands at Rs225.5 per dollar after gaining 1.79 during the early trade in the interbank market at around 10am.

The greenback has lost Rs13.71 against the rupee since September 2 and due to the massive decline in the value of dollar, the county’s overall debt has been slashed by whooping Rs1700 billion.

A day earlier, Finance Minister Ishaq Dar accused PTI Chairman Imran Khan of destroying the economy and assured the nation that he would bring the dollar below 200.

“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 while talking to Hamid Mir in Capital Talk on Geo News.

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.

Ishaq Dar said while talking to Hamid Mir in Capital Talk on Geo News Television channel

Dar said the dollar was strong internationally, but “we will bring it below 200 against our currency soon.”

He has strongly favoured intervention in the currency markets in three previous stints in the job and is also expected to strengthen the currency which closed at Rs227.29 against the US dollar on Monday.

Dar said Imran Khan’s speeches in his public gatherings reflected his frustration, adding deals and favouritism were part of Khan’s fate. “Imran contested the elections by cracking deals and staged demonstrations by cracking deals,” he said.

“Imran and his entire team are obsessed with me because they fear that we [PMLN] will stabilise the economy once again as we did back in 2013,” he said, reiterating his suggestion that the country needs a charter of the economy.