After weeks, Pakistani rupee gains Rs4.15 against US dollar
The Pakistani rupee witnessed a strong recovery in the interbank market on Monday, surging by Rs4.15 against the US dollar during morning trade after the weeks of losing streak.
The Pakistani rupee was trading at Rs235.5 per dollar at 10 am, up by 1.73 percent from Friday’s close of Rs239.65, according to data from the Forex Association of Pakistan (FAP).
FAP Chairman Malik Bostan attributed the rupee’s recovery to the news of PML-N leader Ishaq Dar taking over as finance minister of Pakistan.
He further said that “I expect that speculations in the interbank market will stop after Ishaq Dar becomes the finance minister, which will improve the value of the rupee.”
Bostan noted that the Forex Association had in the past worked with Ishaq Dar to improve the value of the rupee against the dollar.
FAP Chairman added that the association could cooperate with Dar in formulating a policy to “bring the dollar rate down rapidly”.