Pakistan News

Rupee Strengthens More Against The Dollar Following Ishaq Dar’s Warning

Rupee Strengthens More Against The Dollar Following Ishaq Dar’s Warning

September 29, 2022 / By Zunair Tahir / Pakistan News

Following a change in leadership at the Ministry of Finance and a warning from Ishaq Dar to the speculators using the local currency, the rupee appreciated versus the dollar on Thursday for the fifth straight trading day.

The dollar’s value in the interbank market dropped during intraday trade from the previous session’s finish of 232.12 to 231 per rupee.

ALSO READ: Provincial Government To Prevent Unjustified Profiteering: Ahsan Iqbal

The PML-N supremo Nawaz Sharif’s close aide Ishaq Dar’s reappointment as the nation’s finance minister has contributed to bettering sentiment, while the decline in global commodity prices fueled the rupee’s advance.

Dr. Khaqan Hassan Najeeb, an economist and former consultant to the federal ministry of finance, stated in an interview with that the first factor is a shift in market attitude brought on by a change in leadership at the finance ministry.

The previous advisor claimed that “the new team is viewed to be more sensitive of rupee movement and so leaning toward more orderly progress.”

Second, he pointed out that several fundamentals had improved, particularly the drop in oil and other important commodity prices, which may assist to lower the volume of imports.

Fortunately, the government’s administrative actions and the dropping global commodity prices will likely keep the current account deficit under control.

The rate of inflation has also likely reached its peak and is anticipated to decline during the ensuing months.

Dr. Najeeb added that the World Bank and the Asian Move Bank’s confirmation to give flood assistance is a market-supporting development.

The analyst went on to say that although it seems improbable, the potential for reconsideration and relaxation of some criteria by the International Monetary Fund (IMF) owing to the impact of the floods is boosting the rupee’s value.

The new finance czar asserts that the value of the local unit is undervalued and that he would try to control inflation by decreasing interest rates. He has firmly supported intervention in currency markets during his three prior tenures in the position.

Dar has also forwarded a warning to investors not to manipulate the currency markets.


2022 CARS (13) 2022 News (22) 2022 Tech News (13) 2024 Car Price In Pakistan (16) apple (25) Apple Inc (15) Automotive Blogs (14) Automotive News (229) Automotive News Pakistan (20) Auto News (151) Auto Sector (12) Blogs (11) car news (26) Car Prices (12) cars (46) cars of pakistan (47) Cricket (12) electric cars (13) entertainment news (14) F1 (24) F1 News (12) Formula 1 (12) Honda (12) Hyundai (12) Imran Khan (19) Imran Khan News (18) mg (14) MG Pakistan (17) new cars (34) news (377) news pakistan (16) News Update (22) pakistan automotive news (11) Pakistan Government (41) Pakistan News (77) PCB (23) proton (13) proton pakistan (15) PTI (22) Sports News (45) suzuki (18) Suzuki Pakistan (11) Tech News (69) Toyota (16) World News (15)


You Want To Have Your Favorite Car?

We have a big list of modern & classic cars in both used and new categories.

Select the fields to be shown. Others will be hidden. Drag and drop to rearrange the order.
  • Image
  • SKU
  • Rating
  • Price
  • Stock
  • Availability
  • Add to cart
  • Description
  • Content
  • Weight
  • Dimensions
  • Additional information
Click outside to hide the comparison bar