Karachi September 29 2022: Pakistan Rupee continue to appreciate for the fifth consecutive session in interbank against dollar by as newly appointed Finance Minister keep strengthening of Rupee at his top priority.
Newly sworn-in Finance Minister Ishaq Dar on Wednesday said strengthening regaining the deserving value to country’s currency, bringing down inflation and reducing interest rate were among the priorities.
Pakistan Rupee appreciate PKR 3.12 or 1.3 percent in interbank to trade at 229.00 at PST 13:15 am against yesterday closing of 232.12. In the last five consecutive session rupee gains PKR 10.71 or 4.5% from recent low of 239.71.
In Open Market Rupee gains 2.5 to trade at 230.0 at PST 13:15 am against yesterday closing of 232.5.
Ishaq Dar was optimistic that the country would be put back on growth path as the Pakistan Muslim League (N) had the history of correcting economy during crisis in the past.
“As a nation we had challenges, we have faced them with success in the past,” he said while citing the examples of economic restriction following nuclear tests of 1998 and declared macroeconomic instability of 2013.
A drop in the dollar was also unwinding. The U.S. dollar index had its worst session in 2-1/2 years on Wednesday, recoiling from record highs. But the greenback found buyers all day in Asia, grinding the index up by 0.5% to 113.56, as per Reuters.