(Bloomberg) -- Pakistan’s Finance Minister Ishaq Dar said the rupee is undervalued, spurring the currency to the highest in a month.
“The dollar should come down below 200 rupees level in the next 24 days,” Dar said in an interview with a local TV channel on Wednesday. The currency at a level weaker than 200 per dollar is considered undervalued and it was due to artificial speculation, political instability and loss of investor confidence, said Dar, who took office in September.
The rupee rose 0.8% to 221.50 against the dollar on Thursday, the highest level since September 7, according to data compiled by Bloomberg.
Dar, a known advocate of a stronger currency, is overseeing a rebound in the rupee as his credibility boosted investor confidence. The central bank is investigating and will take action against any bank involved in currency speculation, he said in the interview.
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