The Pakistani rupee held its ground against the dollar for the eighth consecutive session on Tuesday since Ishaq Dar took charge of the finance ministry.
The local unit gained Rs 1.79 in the interbank market, managing to settle at Rs 225.50 against the greenback in the morning session around 10 am.
According to the State Bank of Pakistan, the local currency closed at Rs 227.29 with an increase of Rs 1.16 or 0.51 percent against the dollar in the interbank market on Monday.
Last week, the rupee closed at Rs 228.45, according to State Bank data.
The greenback has lost Rs 13.71 against the local currency since September 22.
Due to the depreciation of the dollar, Pakistan’s debt has decreased by 1.7 trillion rupees.
A day ago, Finance Minister Ishaq Dar had assured the public that he would bring down the value of the dollar below 200 with the help of his policies.
“The real value of the Pakistani rupee is less than 200 against the greenback and it will be brought down because it is undervalued right now,” he said.
The dollar is strong internationally, he said, but “we will soon bring it below 200 against our currency.”
He has strongly supported intervention in currency markets in his last three terms in office and is expected to strengthen the currency.
