Rupee strengthens against the dollar following Dar’s meetings with SBP officials and currency dealers

KARACHI: The Pakistani rupee strengthened against the US dollar on Monday, helping to start the week off well.
Meetings between Finance Minister Ishaq Dar and representatives of the State Bank of Pakistan (SBP) and currency dealers were successful, as the value of the local currency increased by Rs1.59, or 0.72%, against the dollar.
The rupee managed to close at 220.88 in the interbank market, according to the SBP.
Last week, the rupee fell 0.93% against the dollar, trading at 222.47. Analysts predicted that this week will see range-bound trading in the local currency.
The discussions between the finance minister and SBP officials as well as market participants, including banks and exchange businesses, have increased market confidence, according to Samiullah Tariq, Head of Research for Pakistan-Kuwait.
Last Monday, Ishaq Dar, the finance minister, issued a warning that individuals discovered manipulating the exchange rate would face harsh punishment.
According to Dar, the rupee’s actual worth against the dollar is less than 200.
He warned people who were speculating in and hoarding foreign cash, stating that the rupee would soon appreciate against the dollar.
“The current location of the rupee is incorrect. According to him, the rupee should trade on the currency market between 180 and 200 to the dollar.