In the midst of rumors that Ishaq Dar will return to take over the finance ministry, the Pakistani rupee on Monday significantly strengthened by Rs2.63 in the interbank market versus the US dollar.
The State Bank of Pakistan said that the local currency increased by 1.11% to close at Rs237.02 in relation to the US dollar.
Interbank closing #ExchangeRate for todayhttps://t.co/Cu7jYiAcMn pic.twitter.com/I40wA4ip6m
— SBP (@StateBank_Pak) September 26, 2022
The significant increase in the rupee’s value relative to the US dollar following a very little advance on Friday that put a stop to the PKR’s losing streak of fifteen straight sessions.
Prior to recovering, the rupee had also come very close to reaching its all-time low of Rs237.94 versus the US dollar.
The advance on Monday, however, partly stems from a significant political event, as Federal Minister for Finance and Revenue Miftah Ismail on Sunday indicated he will submit his official resignation after orally resigning in a party meeting held in London. Ishaq Dar, a senior PML-N politician, will take Miftah’s post as finance minister.
Dar is usually seen as a supporter of a stronger rupee, and analysts claim that since he was appointed finance minister, markets have been more optimistic about the local currency.
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