Islamabad: Amid the reports of Ishaq Dar flying back to take charge of the finance ministry, the Pakistani rupee on Monday recorded a massive gain of Rs2.63 against the US dollar in the interbank market.
At the end of the session, the State Bank of Pakistan said that the local currency appreciated by 1.11% to close at Rs237.02 against the greenback.
— SBP (@StateBank_Pak) September 26, 2022
The big jump in the rupee’s position against the US dollar came after Friday’s very marginal gain that had ended fifteen consecutive sessions of loss of the PKR.
The rupee had also neared its all-time low of Rs237.94 against the greenback before bouncing back.
However, Monday’s gain also comes on the back of key political development as Federal Minister for Finance and Revenue Miftah Ismail on Sunday announced he would tender his formal resignation, saying that he had verbally resigned in a party meeting held in London. Senior PML-N leader Ishaq Dar would replace Miftah as the new finance minister.
Dar is widely seen as an advocate of a stronger rupee, and his elevation as finance minister tends to make markets bullish on the local currency, say experts.