Rupee extends gains against dollar

The rupee was changing hands at Rs226.75 after gaining 1.70 against the dollar in the interbank market at around 1pm, up from Friday’s close of Rs228.45.

It is pertinent to mention here that Ishaq Dar's homecoming and his subsequent comments on the rupee's undervaluation, as well as the likelihood that economic policy will remain stable going forward after he was appointed finance minister, changed market sentiment from bearish to bullish on the currency.

During the previous week, the local unit gained 11.2 rupees or 4.9% against the dollar in the interbank market, its second-biggest weekly rise since August 5, 2022, when the currency appreciated by 15.3 rupees.

SuchTV, 03 Oct, 2022
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