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KARACHI: Pakistan's newly appointed finance minister said on Monday that the country's currency will strengthen to under 200 rupees to the US dollar.

The rupee is currently at around 227 to the US dollar.

"The rupee's real value is below 200 (to $1), and, God willing, it will come below 200 (rupees)," Minister Ishaq Dar said in an interview with local television channel Geo News.

He added that the rupee would be strengthened through government "policies".

Dar’s comment comes as the Pakistani rupee reported a seventh consecutive gain against the US dollar on Monday, closing over 0.5% higher in the inter-bank market.

Seventh straight gain: Pakistan's rupee up over 0.5% against US dollar

As per the State Bank of Pakistan (SBP), the rupee closed at 227.29 after appreciating Rs1.16 or 0.51%. In the last seven trading sessions, the rupee has cumulatively appreciated Rs12.41 or 5.45%.

During the previous week, the rupee gained nearly 5%, appreciating across all five sessions against the US dollar as the return of Ishaq Dar at the helm of Pakistan’s economic affairs gave impetus to bullish sentiment in the money market.

Analysts said the return of Dar, widely seen as an advocate of a strong rupee, and measures taken by the SBP also reduced speculation activity, evident by the hefty gains posted by the local currency in the open market.

Comments

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Iqbal Hussain Oct 03, 2022 10:06pm
I think in current circumstances it is not possible. The rupee may appreciate but up to certain level and after that point, again the speculator will play with it. So it is imperative for the current finance ministry to first take steps against all those speculators who are playing with the value of the rupee. Then they will be able to stabilize the rupee.
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Pakistani1 Oct 03, 2022 11:21pm
Its time to describe how Dar will bring rupee to 200 and how he will satisfy the Pakistan International bond holders who are actively selling and reducing the price of the bond.
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