KARACHI: Pakistan’s rupee on Tuesday continued its gaining streak against the US dollar for the eighth successive session, closing over 0.7% higher in the interbank market.
As per the State Bank of Pakistan (SBP), the rupee closed at 225.64 after appreciating Rs1.65 or 0.73%. In the last eight trading sessions, the rupee has cumulatively appreciated Rs14.06 or 6.23%.
For the seventh consecutive session, the Pakistani rupee appreciated against the US dollar on Monday, finishing at 227.29 after gaining Rs1.16 (or 0.51%) in the inter-bank market.
Analysts have attributed the rupee’s recent gain to the return of Ishaq Dar, widely seen as an advocate of a strong rupee, and the curb in speculation activity.
On Monday, the country’s newly appointed finance minister even predicted that the rupee may increase to less than 200 rupees to the dollar.
“God willing, the rupee will come below 200 (rupees),” Dar stated in an interview with a local television station. “The rupee’s real worth is below 200 (to $1).
He added that the rupee would be strengthened through government “policies” as the current rate was inflated due to speculation.
