Dollar vs Rupee: US currency record devalue in Interbank in single day, reaches Rs225

The Pakistani Rupee Tuesday gained whooping Rs2.29 in the interbank trading against US dollar and reached Rs225. The Dollar vs Rupee contest has entered into an interesting phase since Ishaq Dar came into power.

The Monday closing of US dollar was Rs227.29.

Finance Minister Ishaq Dar termed the phenomenal increase of US dollar value as artificial and vowed to take it down below Ra200.

He said the actual value of the local currency is less than 200 against the greenback and it will be brought down, as it is currently undervalued.

Dar said the dollar was strong internationally, but we will bring it below 200 against our currency soon.

Bloomberg reported that Pakistan’s new finance minister has strongly favoured intervention in the currency markets in three previous stints in the job and is also expected to strengthen the currency.