US Dollar Gains Against Pakistani Rupee

According to ARY News, the Pakistani rupee gained 0.49 paisas against the US dollar in interbank trading on Tuesday. The Forex Association of Pakistan (FAP) reports that the US dollar closed at Rs 175.71 compared to Rs 176.20 the previous day.

Similarly, the price of the euro was appreciated by 71 paisas and closed at Rs 199.04 against 198.56 yesterday, according to the State Bank of Pakistan.

Shaukat Tarin, the adviser to the prime minister on finance, blamed speculators (Satta mafia) for the devaluation of the local currency on Friday.

Media spokesperson Tarin said, \”experts say the real exchange rate of the dollar should be between Rs165 and Rs67.\” If the greenback is trading at as high as Rs176 in the interbank market, the rupee is undervalued by almost Rs10, Tarin said.