Following Pakistan Muslim League-Nawaz (PML-N) leader Ishaq Dar’s return toPakistan and his impending take over at the federal finance ministry, thevalue of the Pakistani rupee continues to improve, gaining another Rs3.11against the US dollar on Tuesday.
According to the State Bank of Pakistan (SBP), the rupee appreciated by1.33% on Tuesday, gaining Rs3.11 to increase in value from Rs237.02 toRs233.91 against the US dollar.
On Monday, the rupee had had closed at Rs237.02 during intraday trading inthe interbank market.
Earlier on Tuesday morning, the rupee appreciated by another Rs3.2 in theinterbank market, improving to Rs234.
The rupee has appreciated by more than Rs5.74 in just two days over news ofIshaq Dar’s return.
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In the first 21 days of September, the rupee had lost around Rs21.11 as aRs1.1 billion tranche from the International Monetary Fund (IMF) and an Rs3billion rollover by Saudi Arabia could not withstand forces of politicalinstability and extensive macroeconomic tumult due to the floods.
In the open market, the price of a single dollar fell to Rs233.50 as therupee continued to perform strongly.
