Islamabad: The Pakistani rupee gained Rs1.18 against the US dollar in the inter-bank market on Friday, continuing its winning streak for the sixth session.
At the end of the session, the local currency appreciated by 0.52% against the greenback to close the week at Rs228.45.
Interbank closing #ExchangeRate for todayhttps://t.co/RyU6imaAiQ pic.twitter.com/nIAeYhAk3r
— SBP (@StateBank_Pak) September 30, 2022
The PKR had started the week at Rs239.65 for one USD. At the end of the week, it posted an appreciation of 4.81% to close at Rs228.45.
The bullish trend in PKR’s value has been attributed to Ishaq Dar’s return, an advocate of a strong currency.
Ishaq Dar reached Pakistan on Monday along with Prime Minister Shehbaz Sharif after an exile of more than five years.
On Tuesday, he took oath as a senator. Then, today, on Wednesday, he was sworn in as the new Finance Minister.
Talking to reporters at the airbase, Dar said that PML-N supremo Nawaz Sharif and the premier had tasked him to take over the portfolio of the finance minister.
“I will try my best to fulfill all the responsibilities. We will try to take out the country from the economic swap it is stuck in […] the way we did in 1998-1999 and 2013-2014.”
Dar further expressed hope that “we will now head in a positive direction”.
Since his arrival, the dollar has been on a continuous downward trajectory.
