Dollar further loses ground against PKR

The US dollar further loses ground against PKR!

For the fifth consecutive day, the rupee continued its recovery after falling close to an all-time low of Rs239.94 on Sept 22. 

On Thursday, the rupee gained Rs2.62 against the dollar during early trade in the interbank market.

The local currency was being traded at Rs229.5 per dollar at 11:30 am.

As reported, the greenback lost 3.12 against the rupee and was trading at Rs229 during intraday trade, up in value from yesterday’s close of 232.12.

Rupee’s recovery is being attributed to Ishaq Dar taking charge of the finance ministry.

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.”