Federal Finance Minister Ishaq Dar has predicted that the rupee is going to further strengthen in coming days.
“Appreciation of the US dollar against Pak rupee is the mother of all evils. Its appreciation against the rupee is artificial and I am telling you that the actual value of the rupee has been manipulated,” the minister said during a presser here on Saturday.
He said since he had taken over the charge of the finance ministry the rupee had appreciated and would further go upward against the US dollar. “I warn those involved in artificial appreciation of dollar against rupee, as strict action will be taken against them,” he added.
Currency dealers said the dollar lost another Rs2.49 in the inter-bank market on Thursday last to close at Rs229.63.
The currency market attributes the rupee’s recovery to Mr Dar’s return as the new finance minister. He is believed to have a different view about the exchange rate and may opt for forced devaluation of the dollar as he did in the past.