KARACHI: Pakistani rupee continued its gaining streak against US dollar as rupee gained Rs1.75 in the interbank market during the opening hours of trading on Monday.
At around 10:45am, with an appreciation of Rs1.75 or 0.77% against the greenback, the rupee was being traded at 226.70.
Ishaq Dar, the just sworn-in finance minister, stated on Wednesday that strengthening the value of the rupee would be his first priority and that no one would be permitted to manipulate the exchange rate.
The return of Ishaq Dar to the helm of Pakistan’s economic affairs last week fueled a bullish feeling in the currency market, and the rupee appreciated in value against the US dollar throughout each of the five sessions.
The rupee increased by roughly Rs11.2 to settle at 228.45 on Friday in the interbank market as the US dollar index, which compares the dollar to the euro, the pound, and four other important rivals, declined as well.
Analysts said the return of Dar, widely seen as an advocate of a strong rupee, and measures taken by the State Bank of Pakistan (SBP) also reduced speculation activity, evident also by the hefty gains posted by the local currency in the open market.
