KARACHI: Pakistani rupee appreciation has hit an eight month high against the dollar. The trading of dollar was below Rs100 on Tuesday, media reported.
Foreign currency dealers were surprised by the rupee progress as it maintained its appreciation for second consecutive day in interbank and kerb currency markets.
Finance Minister Ishaq Dar challenged a few months back that the Government would bring down dollar below Rs 100 and it has been proven now.
Mohammad Sohail, Chief Executive of Topline Securities said, “Dollar inflows in the market are more than the expectations of the market participants.”
“All these inflows are having a positive impact on the rupee….I think it should now stabilize in the 98-102 level range going forward,” he added.
And he also said, “Ishaq Dar’s expectations proved right and the market proved wrong.”