Rupee continues recovery streak
A trader counts Pakistani rupee notes at a currency exchange booth in Peshawar. PHOTO: REUTERS/FILE
The Pakistani rupee continued to manage its upward trend on the eighth consecutive working day as it gained 0.73% (or Rs1.65) to close at a new one-month high at Rs225.64 against the US dollar in the interbank market on Tuesday.
The domestic currency maintained its momentum following Finance Minister Ishaq Dar’s remark that the fair value of the rupee stands below Rs200/$. He vowed to regain the lost value of the currency from its present undervalued position.
With the latest increase in value, the rupee has cumulatively regained 5.86% (or Rs14.07) in the past eight days. The currency witnessed the second highest gain of Rs11.20 in a week ended last Friday (September 30).
On Monday, the UN appealed to the world on behalf of Pakistan saying the country required five-times more humanitarian aid than previously quoted.
Published in The Express Tribune, October 5th, 2022.
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