PKR continues its upward trajectory with a gain of Rs1.68

October 4, 2022 (MLN): Dollar in the interbank was trading around Rs225.58 as of 1:00 pm and Rs227.75 in the open market, according to the data compiled by Mettis Global.

The rupee appreciated 5.94% or Rs14.25 against the greenback during the last eight sessions ever since Ishaq Dar took the helm of the finance ministry. Despite criticism from various quarters, Dar doubled down on the need for the rupee to appreciate and vowed to bring the dollar under the Rs200 mark.

In an interview on Monday, Dar said that the rupee's true worth is less than Rs200 and will soon fall below Rs200 against the dollar. He said that the government will do its utmost to stabilize the rupee's value.

Fahad Rauf, of Ismail Iqbal Securities, told MG Link News that due to an economic recession and tightening monetary policy every currency is losing its value against the dollar, so in the short-term rupee value can fall below Rs200 but it will again touch Rs250 in June 2023 next year.

He added, “for the next, year country’s gross financing needs are between $30-40 billion and the economy is still weak, so government should consider the main factors while pushing the rupee below Rs200”.

Copyright Mettis Link News