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KARACHI: Newly appointed finance minister Ishaq Dar 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, and the currency has been in turmoil, falling as much as 30% this year.

“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.

He added that the rupee would be strengthened though government “policies” as the current rate was inflated due to speculation.

Dar, who was sworn in last week as finance minister for his fourth stint in the role, has strongly favoured intervention in currency markets in the past.

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

Since Dar took over, the rupee has strengthened. According to central bank figures, Pakistan currently has just $8 billion in reserves, barely covering a month of imports, making market intervention through currency injections difficult.

The country was only recently able to restart an International Monetary Fund (IMF) bailout package after agreeing to undertake difficult reforms.

One of the agreements was to implement a market-determined exchange rate and to stop government intervention in the central bank.

FUEL PRICES

Dar also defended his decision to slash fuel prices days after taking over - reversing a policy of raising prices monthly through added levies to ensure enhanced revenues as agreed with the IMF.

Dar said imposing additional levies was not justified as the country struggled with catastrophic floods that have killed more than 1,600 people and inflicted at least $30 billion in damages.

“I have been dealing with the IMF for the last 25 years; I will deal with it,” he said, referring to any potential reservations by the lender.

On Monday, the IMF said policy discussions, including how to target support to those affected by the floods while maintaining macroeconomic stability, will commence in coming weeks after the damage assessment report becomes available.

“Policy commitments made by the Pakistani authorities as part of the Seventh and Eighth review under their IMF-support program continue to apply,” IMF’s resident representative in Islamabad Esther Pérez Ruiz told Reuters in response to a question if the cuts had been discussed with the lender.

Copyright Business Recorder, 2022

Comments

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Abdul Sheikh Oct 04, 2022 10:47am
How did he get numbers 200?
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Ali Aziz Oct 04, 2022 11:04am
This is the same person who in 2017 used to claim that he would bring dollar down to PKR100=$1. Now on what technical basis is he claiming Pak Rupee is undervalued when the balance of payment deficit and current account deficit are ballooning and inflation is rocketing to over 40% and US dollar has destroyed the UK pound.
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n.g Oct 04, 2022 04:16pm
@Ali Aziz , Geographic importance, untapped and unexplored natural resources, strong nation who can defend itself, vast majority of able bodied youth willing and readily available to be employed, availability of all seasons and all kinds of lands, all these assets make rupee to come far far far below 100 / 1US$. Honesty sincereity and faith is lacking only.
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Zarzan khan Oct 04, 2022 05:22pm
Dar will fudge figures and leave gaping holes in other areas like trade deficit and collapsing exports. Then a government plane will be arranged for him to fly back to Avenfield house in london, the hub of corruption,before people come after him
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Zarzan khan Oct 04, 2022 05:25pm
@n.g, All that is useless when corrupt convicted theives have the nations steering wheel.
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Abdullah Oct 04, 2022 09:06pm
Very good
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Ainulhadi Oct 04, 2022 11:33pm
The factors you mentioned are constant, then why is the Rupee @ 227 today or was 240 recently. Fundamentals are still not showing any change that Rupee should further improve. State Bank is not supposed to intervene in the market as per recent IMF conditions and so this hoopla is going to reverse again. The people who made money earlier will have another bonanza soon
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Rasma Oct 05, 2022 09:19am
@Ainulhadi, you mean dollar will go up again?
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Mozaffer Oct 05, 2022 11:12am
v. good.this time
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Irfan Oct 05, 2022 11:38am
Send me daily currency rate
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Abdullah Oct 05, 2022 12:03pm
@Zarzan khan, but for 3 5 years under pti rule we survived and came cery close to bankruptcy becauee of pti policies.So we are ok with people like dar who can manage it instead of pti memebes who cant get it
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Anonymous Oct 05, 2022 12:54pm
@Ali Aziz , in 2017 dollar WAS at 100 genius.
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Shehzad Oct 05, 2022 01:53pm
I wish you all my best. But not sure of the only outlined technical reasons for the stop in the slide of the pak rupee. Also, let's not forget the pak govt sign off on the prior action requirements of IMF , where the SBP is to remain independent in price stability decision making.
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HASAN Oct 05, 2022 07:28pm
@Ali Aziz , so do u like to comment how much he brought it down in last stint? Else i would tell u the exact (checkable) figures.
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Zh Oct 05, 2022 09:52pm
@Abdullah, Imran Khan left US dollar @ 178 on April 9th 2022. Imran Khan left petrol 151 PKR per litre. Cherry blossom showbaz thief has pulled US dollar from 178 to 245 . Cherry blossom showbaz thief has pulled petrol price from 151 to 250 PKR per litre. The difference between both is cleared by figures and inflation of today's is very critical emergency situation. Every other day prices of consumer products is double.
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Tasawar Oct 06, 2022 02:23am
Every member help us purman and Rich tan people because only help pur
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Umer Farooq Oct 06, 2022 06:53am
@Zh, they breached agreed price and keep constant 151 for 3 months despite written agreement with IMF to gradually increase 15rupes per month untill 245, isn't it was the suicide attack on Pak economy? I couldn't be wrong if say current Gov. paying price for the things that previous Gov. did in their tenure. That's reality we should accept
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ghulam mustafa Oct 06, 2022 11:14am
Hy
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Iqbal Hussain Oct 06, 2022 01:34pm
@Ali Aziz , it's a junk of bullshit that Dar brought. He is just playing with figure instead getting the impacts on economy if he brings back one dollar equivalent to Rs 200/-. A conspicuous calculation on macro economic status must be seen just dragging is not judiciousness & foresightedness
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chaudhary suleman Abid Oct 06, 2022 02:47pm
send me mony
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ASIF KHAN Oct 06, 2022 02:58pm
Mr Dar is wright in claiming that rupee is undervalued. Necessary steps should be taken without any delay to bring the rupee to its true value in the currency markets. But IMF might well oppose rupee's appreciation because our currency's depreciation is in the best interest of our external lenders and those foreign buyers who wish to buy our goods at throwaway prices.
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Majid Turk Oct 06, 2022 03:27pm
@Rasma, Absolutely not ✌️
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Majid Turk Oct 06, 2022 03:29pm
@Abdul Sheikh, just wait & watch
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Shahzad Hussain Viha Oct 06, 2022 07:45pm
#ShViha awesome Later keep it
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A. R. Oct 09, 2022 02:39am
@Abdullah, you are out of your mine if you believe this guy. He ran away once and he will run away again. Just check out his sons properties and investments that he claims he has nothing to do with. They were minors when they supposedly invested and made a few Billion yes Billion with a B. He is a criminal and will steal from us again
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A. R. Oct 09, 2022 02:40am
You have to be out of your mind to believe him A criminal who ran away and came back with a deal. Why? To Rob us again that’s why
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