Rupee starts week on high note against US dollar

rupee US dollar

Islamabad: Ending the three consecutive sessions of depreciation, the Pakistani rupee gained 0.72% against the US dollar in the interbank market on Monday.

At the end of the session, the local currency appreciated by Rs1.58 or 0.72% to settle at Rs220.89.

Marred by the political uncertainty caused by the long march of the Imran Khan-led PTI, the PKR lost 0.73% during the last week.

Meanwhile, Finance Minister Ishaq Dar warned last week that tough actions will be taken against those found manipulating the exchange rate.
Dar stated that the rupee’s actual value is below the 200 level against the dollar.

He issued a warning to those engaged in currency speculation and hoarding, predicting that the rupee will soon appreciate against the dollar.

“Where the rupee is at the present is not the right place. The rupee should trade between 180 and 200 to the dollar in the currency market,” he said.

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