KARACHI: Finance Minister Ishaq Dar’s meetings with State Bank of Pakistan (SBP) officials and currency dealers proved fruitful as the Pakistani rupee started the week on a strong note in the interbank market on Monday.
According to the State Bank of Pakistan (SBP), the local unit closed up by 1.59 rupees, or 0.72 percent, at 220.88 against the greenback in the interbank market.
Last week, the rupee fell 0.93 percent to 222.47 against the dollar. Analysts had expected the local currency to trade in a range this week.
Pakistan Kuwait Head of Research Samiullah Tariq said that the finance minister’s meetings with State Bank of Pakistan (SBP) officials and market participants including banks and exchange companies have improved market confidence.
Meanwhile, Finance Minister Ishaq Dar warned last week that strict action would be taken against those who manipulate the exchange rate.
Dar said the real value of the rupee is below the 200 level against the dollar.
He issued a warning to those engaged in currency speculation and hoarding, predicting that the rupee will soon rise against the dollar.
Where the rupee is at the moment is not the right place. The rupee should trade between 180 and 200 to the dollar in the currency market,” he said.
