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Dollar continues to fall, stock market witnesses positive trend

US currency value decreases by Rs1.65 in inter-bank market
Updated 04 Oct, 2022 04:05pm
<p>So far the dollar has lost 14.64 (including Tuesday’s early morning trade) since the former finance czar’s announcement to step down. AFP/File</p>

So far the dollar has lost 14.64 (including Tuesday’s early morning trade) since the former finance czar’s announcement to step down. AFP/File

KARACHI: The dollar fell by Rs1.65 against the rupee in the inter-bank market on Tuesday. It closed at Rs225.64, the State Bank of Pakistan said in a tweet.

This is the second week after Finance Minister Ishaq Dar’s return when the US currency has fallen against the rupee. Moreover, the international oil prices, which have slumped over the past week, have also contributed to such a sentiment.

Dar has claimed that the actual value of the greenback was less than Rs200 and the government would bring it down with its policies.

“The real value of the dollar is less than Rs200. I won’t tell you the figure,” he said in an interview with journalist Hamid Mir aired on Geo News.

The dollar closed at Rs227.29 in the inter-bank market on Monday, the State Bank of Pakistan reported.

The greenback fell by Rs2.63 when the market opened after Miftah’s tweet. Later, it further slumped by Rs3.11 a day after PML-N leader Ishaq Dar landed in Pakistan along with Prime Minister Shehbaz Sharif. So far the dollar has lost 14.64 (including Tuesday’s early morning trade) since the former finance czar’s announcement.

Moreover, a positive trend was witnessed in the stock market. The KSE-100 Index was being traded at 41,440 points after gaining 230 points.

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