Rupee to grow stronger in coming days: Dar

Published October 2, 2022
Ishaq Dar speaks during a news conference in Islamabad April 23, 2014. — Reuters/File
Ishaq Dar speaks during a news conference in Islamabad April 23, 2014. — Reuters/File

LAHORE: Federal Finance Minister Ishaq Dar has predicted that the rupee is going to further strengthen in coming days.

“Appreciation of the US dollar against Pak rupee is the mother of all evils. Its appreciation against the rupee is artificial and I am telling you that the actual value of the rupee has been manipulated,” the minister said during a presser here on Saturday.

He said since he had taken over the charge of the finance ministry the rupee had appreciated and would further go upward against the US dollar. “I warn those involved in artificial appreciation of dollar against rupee, as strict action will be taken against them,” he added.

Currency dealers said the dollar lost another Rs2.49 in the inter-bank market on Thursday last to close at Rs229.63.

The currency market attributes the rupee’s recovery to Mr Dar’s return as the new finance minister. He is believed to have a different view about the exchange rate and may opt for forced devaluation of the dollar as he did in the past.

Published in Dawn, October 2nd, 2022

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Military convictions
22 Dec, 2024

Military convictions

THE sentencing of 25 civilians by military courts for their involvement in the May 9, 2023, riots raises questions...
Need for talks
22 Dec, 2024

Need for talks

FOR a long time now, the country has been in the grip of relentless political uncertainty, featuring the...
Vulnerable vaccinators
22 Dec, 2024

Vulnerable vaccinators

THE campaign to eradicate polio from Pakistan cannot succeed unless the safety of vaccinators and security personnel...
Strange claim
Updated 21 Dec, 2024

Strange claim

In all likelihood, Pakistan and US will continue to be ‘frenemies'.
Media strangulation
Updated 21 Dec, 2024

Media strangulation

Administration must decide whether it wishes to be remembered as an enabler or an executioner of press freedom.
Israeli rampage
21 Dec, 2024

Israeli rampage

ALONG with the genocide in Gaza, Israel has embarked on a regional rampage, attacking Arab and Muslim states with...