Rupee soars against US dollar in interbank market

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rupee US dollar

Islamabad: The Pakistani rupee continued to rise against the US dollar in the inter-bank market on Tuesday.

At the end of the session, the local currency gained Rs3.11 and appreciated by 1.33% against the greenback, the State Bank of Pakistan said.

The PKR’s appreciation is also factored in 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.

He will be sworn in as the new Finance Minister. The former minister landed at the Nur Khan Airbase in Chaklala, Rawalpindi.

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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