Rupee gains Rs1.79 against US dollar

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rupee dollar interbank

Islamabad: For the fourth consecutive session, the Pakistani rupee has been in an upward motion against the US dollar.

The State Bank of Pakistan on Wednesday said that at the end of the session, the local currency appreciated by 0.77% to close at Rs233.91 against the greenback in the interbank market.

The PKR’s appreciation is being based on the return of former finance minister Ishaq Dar, 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”.

His return comes a day after PML-N leader Miftah Ismail tendered his resignation to senior party leaders in London. Subsequently, a statement released after the meeting confirmed that Nawaz Sharif and PM Shehbaz had nominated Dar as the finance minister.

A source quoted Nawaz as telling the participants that the party has “lost political capital” and that Dar should work to regain it.

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