Karachi: Rupee Huge Increase on Monday It rose 1.11% against the US dollar in the interbank market. Hours before the arrival of PML-N leader Ishaq Dar in the country slated to become Pakistan’s new finance minister.
in the interbank market The rupee rose 2.63 against the dollar to 237.02, according to Bank of Pakistan (SBP) data, up from the close of the previous session of 239.65.
Local currency on Friday which is the last trading day of the export week It finally broke the losing streak against the dollar after 15 consecutive sessions of weakness.
The rupee is close to hitting a record low of 240 against the dollar. But it was not possible after several positive signs. Despite the devastating floods that devastated Pakistan’s economy
Zafar Paracha, secretary general of the Pakistan Exchange Association (ECAP), said the market appeared to be responding to the arrival of PML-N leader Ishaq Dar and the announcement that he was replacing Miftah as Finance Minister. Ismail
Dar will return to Pakistan with Prime Minister Shehbaz. Share today After five years in London to “facilitate” the government in its efforts to revive the cash-strapped economy by taking over its key financial portfolios, the ministry.
In addition to Dar’s announcement, Paracha noted that market players also noticed political stability. After PTI chairman Imran Khan said he could return to parliament if the alleged code containing the intimidating message behind his government’s expulsion is checked.
The ECAP Secretary-General also said the announcement from the World Bank about the reuse of funds The International Monetary Fund (IMF) plans to help Pakistan. And the assistance of the Asian Development Bank has spurred the market jump.