Pakistani Rupee Continues Recovery Against US Dollar

The Pakistani Rupee (PKR) has continued its upward trend against the US Dollar (USD) for the ninth consecutive session after Ishaq Dar replaced Miftah Ismail as the Federal Finance Minister.

The local currency continues its momentum following Finance Minister Ishaq Dar’s remarks that Pakistani Rupee’s original value stood below Rs. 200 against the greenback.

Ishaq Dar vowed to bring the Pakistani Rupee (PKR) back to its fair value from its present undervalued position in the next couple of months. He added that strengthening of the Pakistani Rupee would be one of the main objectives and no one would be allowed to do any manipulation in the exchange rate.

According to the State Bank of Pakistan (SBP), the Pakistan closed at Rs. 221.94 against the US Dollar (USD) in the interbank market on Thursday (6 October 2022), which was a gain of Rs. 2.00 compared to Wednesday (5 October 2022) when the local currency closed at Rs. 223.94 against the greenback.

Read more: USD to PKR – Dollar Rate in Pakistan – 6 October 2022.

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