The Pakistani rupee maintained its upward trend for the ninth consecutive business day against the US dollar at the interbank market on Wednesday.
According to State Bank of Pakistan (SBP) data, the local currency gained Rs 1.7 or 0.76 percent to close at Rs 223.94 against the dollar in the interbank market.
The rupee gained 1.65 rupees, or 0.73 percent, to settle at 225.64 rupees against the greenback on Tuesday.
Earlier this week, Finance Minister Ishaq Dar 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 at the moment,” he said during Geo News’ program “Capital Talk”.
He said that the value of the dollar is strong internationally but the government will bring it below 200 soon.
The country’s financial czar has strongly supported intervention in the currency markets over the past three periods in a bid to strengthen the currency.
A currency trader told The News that in the backdrop of the finance minister’s statement, the “correction of the rupee reflects the bullish sentiment of market players”.
