Almost everyone saw it coming—everyone, except perhaps, Finance Minister Ishaq Dar who remained convinced that the rupee, even at around 225, was not a reflection of its true value. He meant it the other way, of course.
Widely seen as an advocate of a strong currency, Dar took over the post of finance minister at the end of September last year, replacing fellow party member Dr Miftah Ismail.
Among his first few statements were comments on the exchange-rate parity.
“The rupee’s real value is below 200 (to $1), and, God willing, it will come below 200 (rupees),” Dar had said on several occasions after he arrived in Pakistan.
On expectation of his arrival and after, the rupee appreciated, mostly driven
The US dollar retreated from around the 239 mark to under 218 in a matter of a couple of weeks. Since then, however, the rupee remained largely stable but on Thursday (January 26, 2023), it became significantly worse. It finished at 255.43, a loss of Rs24.54 in a single day, in the inter-bank market.