Pakistan rupee firms up 227 to dollar as new Finance Minister Dar lists out action plan

Pakistan rupee firms up 227 to dollar as new Finance Minister Dar lists out action plan

Dubai: Pakistan’s new Finance Minister is delivering on the tough talk – and it’s getting results. The Pakistan Rupee has been firming up, and is starting the week at 227.77 to the dollar and well off the all-time low of 240 just two weeks ago. (On December 31 last, the PKR had been at 178.25 to the dollar.) Finance Minister Ishaq Dar’s latest statement since taking over last week was to confirm he would all measures necessary to strengthen the PKR by curbing speculative trades in the currency. This year, the PKR had dropped by more than 30 per cent, through a combination of internal dynamics and the dollar’s rapid gains in the global currency market. Dar had earlier taken aim at reducing Pakistan’s interest rates and surging inflation as top priorities. All of that is rubbing off on the rupee. “In fact, the rupee had started to stabilise around 236 levels when it was revealed Dar would join the government,” said an FX analyst. “Now, the further firming up to 227 reaffirms the market’s faith that the FM would deliver on his plans.” For Pakistan expats in the UAE, this means a narrowing of the remittance gain opportunities. The