Dollar Will Settle at Its ‘Real Value’ of Rs. 250: Ishaq Dar

Finance Minister Ishaq Dar Tuesday said that the real value of the US Dollar is around Rs. 250. Speaking to Samaa News, the finance minister said that the US Dollar will settle near the real effective exchange rate. He said that in an article in May, Bloomberg calculated that the real effective exchange rate of the US Dollar is around Rs. 244. The minister added that last year when he claimed that the US Dollar will fall below Rs. 200, at the time the real effective exchange rate was around Rs. 197. Dar went on the say that the Pakistani Rupee will strengthen against the US Dollar without any intervention by the government. He said that the rate of US Dollar in the grey market has also significantly come down which suggests that the Pakistani Rupee will further strengthen in the coming weeks. It is pertinent to mention here that the Pakistani Rupee made serious gains against the US Dollar in the interbank market today, appreciating by 3.83 percent. At close, the currency settled at 275.44 after an increase of Rs. 10.55.