Dollar's free fall continues against PKR for ninth consecutive session

KARACHI: The Pakistani rupee continued to rally against the US dollar for the ninth consecutive day in the interbank market on Wednesday.

The local currency gained Rs1.7 or 0.76%, managing to settle at Rs223.94 against the US dollar, data released by the State Bank of Pakistan (SBP) showed.

Yesterday, the local unit gained Rs1.65, or 0.73% and closed at Rs225.64 against the greenback.

Following Finance Minister Ishaq Dar's promise to bring the dollar below Rs200, a trader said that the "rupee’s correction reflects bullish sentiments of market players". 

“The actual value of the Pakistani rupee is less than 200 against the greenback and it will be brought down, as it is currently undervalued,” he said while talking to Hamid Mir on Geo News programme 'Capital Talk'.

Dar said the dollar was strong internationally, but “we will bring it below 200 against our currency soon.”

He has strongly favoured intervention in the currency markets in three previous stints in the job and is also expected to strengthen the currency which closed at Rs225.64 on Tuesday.