Dollar continues downward slide against rupee for eighth consecutive session

• Rupee gains Rs1.65 in interbank market.
• It closes at Rs225.64 against dollar. 
• FinMin Ishaq Dar assured masses he would bring dollar value below 200.

KARACHI: The Pakistani rupee on Tuesday maintained its ground for the eighth consecutive session against the dollar since Ishaq Dar took charge of the Finance Ministry. 

The local unit gained Rs1.65, or 0.73%, in the interbank market, managing to settle at Rs225.64 against the greenback. 

According to the State Bank of Pakistan, the local currency closed at Rs227.29 against the dollar in the interbank market on Monday. 

The greenback has lost nearly Rs14 against the local currency since September 22.

Due to the depreciation of the dollar, Pakistan’s debt has decreased by Rs1.7 trillion.

A day prior, Finance Minister Ishaq Dar assured the masses that he would bring the dollar value below 200 with the help of his policies.

“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 during Geo News‘ programme “Capital Talk.”

He mentioned that the dollar value is strong internationally, but “we will bring it down below 200 against our currency soon.”

He has strongly favoured intervention in currency markets in three previous stints in the job and is also expected to strengthen the currency.