Economy Desk:
The Pakistani Rupee has recovered upto Rs: 2.63 against US Dollar in Inetrbank today. The surge in PKR has been seen after Miftah Ismail resigned as Finance minister and Ishaq Dar to continue as the country’s new Finance Minister.
Accordng to a report by State Bank of Pakistan (SBP) today the Rupee closed at 237.02 per dollar. This closure of PKR against USD euqaites an appreciation of 1.11 percent as compared the last friday.
The PKR has been on lowest level against USD for the past few years mainly due to the ongoing political crisis in the country. Saad bin Naseer, director of financial data and analytics portal Mettis Global, said the rupee’s recovery was a “sentimental reaction” to the news that PML-N leader Ishaq Dar was returning to Pakistan to take over as finance minister after Miftah Ismail’s resign.
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He noted that the FAP had worked alongside Dar to improve the rupee’s value against the dollar in the past, adding that the association could collaborate with him to form a policy to “rapidly bring down the dollar rates”.
Prime Minister Shehbaz Sharif will return to Pakistan today, accompanied by Dar who is set to take charge as finance minister.
On Sunday, senior party leaders met Miftah Ismail, who handed in his resignation. A statement released after the meeting confirmed that Nawaz Sharif and PM Shehbaz had nominated Dar as the finance minister.
