Islamabad: The Pakistani rupee gained 0.76% against the US dollar in the interbank market on Wednesday, continuing the winning run for the ninth consecutive session.
At the end of today’s session, the local currency appreciated by 0.76% or Rs1.7 against the greenback in the interbank market.
— SBP (@StateBank_Pak) October 5, 2022
The bullish trend in PKR’s value is attributed to Ishaq Dar’s return, an advocate of a strong currency. Since his arrival on Monday last week, the PKR has started flying against the US dollar and has not yet seen a negative session.
Dar vows to bring dollar below Rs200
Finance Minister Ishaq Dar on Monday vowed to bring the US dollar below the Rs200 mark, saying that the real value of the greenback was lower than 200 Pakistani rupees.
While talking to a private TV channel, Finance Minister Ishaq Dar said that the government was working on the formation of a comprehensive strategy to bring the dollar price down to its actual level, which was less than 200 rupees.
Since his takeover of the finance ministry, the Pakistani rupee has been on a continuous upward trajectory against the US dollar. The PKR rupee carried its winning streak on Monday as well, appreciating Rs1.16 against the greenback. On Tuesday last week, Ishaq Dar took oath as the new finance minister. Since then, the Pakistani rupee has gained more than 4.11% against the US dollar.