Rupee to grow stronger in coming days: Dar
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LAHORE: 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.
Published in Dawn, October 2nd, 2022
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Comments (75) Closed
Oct 02, 2022 07:52am
Out of thin air claims are being made by the corrupts that are far from facts and reality
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Oct 02, 2022 07:56am
Pakistanis have seen this drama before. At the end Dar was responsible for the economic meltdown. Dars task is to do the same and launder money
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Oct 02, 2022 07:59am
How? can he give us his economic plan or he is just telling tales .
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Oct 02, 2022 08:04am
No body with sane mind will hear a word come out if this disgraced and corrupt
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Oct 02, 2022 08:10am
OK Dar. We will see, but we do not have much faith and confidence in your words.
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Oct 02, 2022 08:11am
Economic carnage follows denial of market forces even as night follows day.
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Oct 02, 2022 08:19am
Mr. Dar the Pakistani Rupee will not back to 185 before the end of 2023. The main reason is a very strong dollar, higher oil prices, Ukraine war and recent flood caused problems in the agricultural sector. Do not give song and dance to Pakistani public.
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Oct 02, 2022 08:27am
He will inject some dollars only to lower the interest rates to help the construction mafia obtain loans, once. The loans are approved, rupee will fall to even lower.
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Oct 02, 2022 08:28am
For Dar rupee grows on trees
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Oct 02, 2022 08:30am
Enough empty talk lets see results.
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Oct 02, 2022 08:34am
An ordinary accountant claiming to revive the economy thru incompetency. Accounting and economics are two different subjects. This family business of politics for personal gains must stop.
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Oct 02, 2022 08:39am
what a jock of moral lessons that we heard for last one decade.
one man, only one man can ruin 220 millions ego , just because he and his family can survive with wealth of properties and an assurance that he will above the law despite his retirement . no one can touch them .
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Oct 02, 2022 08:41am
He has the magic lamp and will be rubbing it soon
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Oct 02, 2022 08:42am
Daronomics in action once again
He has forgotten what his predecessor Miftah had signed with IMF that no one will ever try to play with currency exchange rate!
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Oct 02, 2022 08:47am
Stand back! The Warlock will now perform his wizardry.
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Oct 02, 2022 08:48am
The narrative of the Rupee, has AND is being manipulated.
IMF leaves you a billion bucks.
And you just kiss a billion in cash flow to deferment.
So why did IMF squeeze Mr. Miftah Ismail so hard?
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Oct 02, 2022 09:10am
Unless you, the Sharifs and Zardari take a fraction of your dollars out of your basement, which I’m sure is still a lot of dollars, and you deposit it back in Pakistan, the Rupee cannot gain any value that quick, at least not legally, but you are a master in manipulating the Rupee like you have in the past.
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Oct 02, 2022 09:38am
What’s the point of artificially keeping rupee strong ? You cannot open LC’s nor can you buy foreign currency from
Open market at the notified rates ,
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Oct 02, 2022 09:42am
In an open market??? Of course there are plenty of hoarders…including you!
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Oct 02, 2022 09:57am
Good wishes for you. Plz check inflation as well.
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Oct 02, 2022 10:11am
Mr. Dar should disclose the names of those who are playing these games and tell the nation on whose advice they are playing. The sicillian mafia is back.
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Oct 02, 2022 10:23am
@Bublu Shublu , he is Icaew Chartered Accountant, I am sure you wouldn't have called it ordinary if you had taken exams yourself.
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Oct 02, 2022 10:26am
Without political stability there will be no economic stabiltiy. The country doesnt need asprin, it needs surgery. Last time Mr. Dar appreciated PKR by depleting the country’s meagre USD reserves.
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Oct 02, 2022 10:28am
Fire this accountant chief corruptionist, bring back our finance minister miftah.
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Oct 02, 2022 10:48am
Can some ask him who has been in the government during the manipulation. He is preparing people for the third wave of $ going down and up in the last 6 months. Once a cheater always a cheat!
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Oct 02, 2022 10:55am
He is not a financier but an accountant and a crook. Shareef family just come to the country to rule and make more money and once out of power go back to their real home.
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Oct 02, 2022 10:57am
Yes how and what you did previously. everyone knows
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Oct 02, 2022 11:04am
In simple economics the trend of rupee fall cannot be reversed. Please concentrate on tangibles. Address the law and order situation and conduct fair elections.
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Oct 02, 2022 11:05am
Can't see how Rupee will get stronger when we still have iligitimate regime imposed on us.
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Oct 02, 2022 11:08am
He is getting ready to line his pockets with even more looted money.
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Oct 02, 2022 11:11am
Yeah, and there's a tooth fairy and Santa Claus too.
Ask the Turks, Lebanese and many other nations including the UK, how their currency is doing against the $?
I'll believe this guy if he can do the magic and bring Rupee to 150/USD.
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Oct 02, 2022 11:11am
Long live the strate where the currency stabilizes with the return of an absconder.
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Oct 02, 2022 11:22am
American govt has the guts to raise interest rated to control inflation, they should be applauded not blamed.
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Oct 02, 2022 11:25am
What secret recipes he has which Britain, European Union, Japan and Turkey hasn’t.
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Oct 02, 2022 11:27am
Hmm, All Recall how Dar “Manipulated” the PKr when he was last at the helm, using borrowed funds to artificially overvalue the Rupee! When the funds dried up, the Rupee sharply declined its Real Value!
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Oct 02, 2022 11:27am
Dollar taken off market being returned by the corrupts to deceive the common public. Ishaq Dar the big brand in corruption is going to have another session with looting and fly back to London the safe heaven of money launderers.
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Oct 02, 2022 11:38am
Exports are down, the economy is reliant on aid, defence spending at record levels, people living below the poverty line increasing and Mr Dar says the economy is strong?
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Oct 02, 2022 11:55am
Cheat and a liar; even worse that he is subservient to a family who are step ahead of him for same traits.
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Oct 02, 2022 12:05pm
Let,s see
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Oct 02, 2022 12:21pm
He's gping to cap it at 180.
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Oct 02, 2022 12:23pm
He will do magic
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Oct 02, 2022 01:07pm
180 in 18 days
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Oct 02, 2022 01:15pm
Dar you can do it. Take action against ppl keeping in lockers give them 10 days to deposit all usd in USD accounts. Tell them to open USD mobile accounts.
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Oct 02, 2022 01:22pm
This man threw Pakistan reserves to maintain rupee now doing it
again. He also issued 500 million bonds at 8% which he and the Sharifs bought.
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Oct 02, 2022 01:23pm
New stories and lies everyday. This is economics of Dar
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Oct 02, 2022 01:23pm
@Justice, Price of petrol went down globally. It was kept high in
Pakistan to wait for the accountants return.
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Oct 02, 2022 01:26pm
@Patriots, Accountant good at fudging figures which cost Pakistan
5 million in fine by IMF.
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Oct 02, 2022 01:27pm
Thief if the century made to look hero by neutrals
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Oct 02, 2022 01:57pm
Despite his manipulations, Dar will leave economy in a mess, like he did before.
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Oct 02, 2022 02:22pm
Great news. Bravo.!
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Oct 02, 2022 02:25pm
So true,RS 125 to a US$ 1 is the true value .
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Oct 02, 2022 02:26pm
How does he intend to do this? They are collapsing the economy people. Industry is shutting down. Watch ad are exports starts going down, where does he intend to get dollars from when his government has declared war on business and industry.
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Oct 02, 2022 02:54pm
Bringing Dar shows SS and pmln true north.
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Oct 02, 2022 03:04pm
Stop the artificial currency support, it does not work.
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Oct 02, 2022 03:35pm
Ignorance is the blessing. An accountant answering economic issues. May be he is thinking short term solutions.
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Oct 02, 2022 04:37pm
Pakistan International Bonds continue to plunge!
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Oct 02, 2022 04:38pm
He can leave for UK again, meanwhile people in Pakistan will suffer due to his ill conceived policies.
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Oct 02, 2022 04:47pm
@AHAQ, Those who could not punish them in four years are equally corrupt. Only a corrupt would protect a corrupt
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Oct 02, 2022 05:03pm
His overvalued rupee policy during his previous tenure devastated exporters and made Pakistan an import oriented economy. He will put the last nail on the coffin before he leaves the office.
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Oct 02, 2022 05:06pm
He is fudging numbers to portray a rosy picture. That’s what good accountants do. By the time Dar is ready to leave, Pakistan’s foreign exchange reserves will be down to bankrupt. Nobody in the whole world trusts an accountant who has cheated once and here we have handed the country’s economy in the hands of the cheater. Things like this happens in movies, as a matter of facts the current political setup in Pakistan is like a typical mafia movie.
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Oct 02, 2022 06:02pm
An escaped convict returns to Pakistan to be glorified.
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Oct 02, 2022 06:11pm
Lies, lies and more lies.
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Oct 02, 2022 06:42pm
Blatent lies and false claims moat likely by the experts of window dressing. He is a champ at laundering and a chimp at economy. Corrupted who have brought Pakistan to this stage controlling the reins once more. They can only make the situation worst.
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Oct 02, 2022 07:53pm
Before 6 month PTI govt. stoped petrol at 140 rupees, but this govt. can't. Just within 6 months 110 rupees increment in fuel prices. Inflation is out of control in PDM era. Surprise 3 parties but fail to control inflation? Isaq Dar came from UK but failed to control inflation. Tomatoes 300 rupees kilo, imagin an agriculture country is so expensive for living.
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Oct 02, 2022 08:30pm
This convict will fix Pakistan's economy.. Really folks.
He want to buy more property in UK. Mark my word
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Oct 02, 2022 11:49pm
LAHORE: Federal Finance Minister Ishaq Dar has predicted that the rupee is going to further strengthen in coming days.
And this is how.
'Pakistani officials are also trying to secure a meeting between Gen Bajwa and US Secretary of State Antony Blinken'
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Oct 02, 2022 11:52pm
@Fahad, well said
Imagine $100billion plundered money from people of pakistan, lying in properties like Avenfield house, London and Emirates Hills, Dubai
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Oct 03, 2022 01:33am
A convicted criminal allowed back to run the country, shameful day for Pakistan.
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Oct 03, 2022 01:47am
Currently a lot of currencies, including British Pound, have taken battering against the dollar due to higher interest rates being offered by he US. Rather than focusing on the dollar-rupee ratio, leaders of this country will be well advised to focus on the long-term economic growth. This should automatically take care of the exchange rate. We don't need a finance wizardry, we need economic wizardry.
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Oct 03, 2022 02:13am
He is back to launder the money for neutral who will be retiring very soon.
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Oct 03, 2022 03:54am
@Spam, If Pakistan can arrange $50 billion US dollars it is possible that Pak currency value.
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Oct 03, 2022 06:13am
Daronomics in a nutshell: if one Band-Aid isn't enough, but three Band-Aids on the problem, but never address the actual illness. Miftah was unpopular in his party because he gave them a harsh reality check - the truth is that next time IMF might not intervene to prevent Pakistan from defaulting, everyone's sick of us.
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Oct 03, 2022 10:20am
He is not economist, he is only accountant of sharif family.He is planted her for money laundering only.
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Oct 03, 2022 03:03pm
@Seedoo, Currently a lot of currencies, including British Pound, have taken battering against the dollar due to higher interest rates being offered by he US. Rather than focusing on the dollar-rupee ratio, leaders of this country will be well advised to focus on the long-term economic growth. This should automatically take care of the exchange rate. We don't need a finance wizardry, we need economic wizardry.
When looters are in, who cares about economy.
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Oct 03, 2022 03:05pm
@Ali S, Daronomics in a nutshell: if one Band-Aid isn't enough, but three Band-Aids on the problem, but never address the actual illness. Miftah was unpopular in his party because he gave them a harsh reality check - the truth is that next time IMF might not intervene to prevent Pakistan from defaulting, everyone's sick of us.
And we are sick of Sharifs, zardaris and few neutrals.
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