Ishaq Dar’s return bolsters rupee against US dollar, gains another Rs3.11

Buoyed by the return of finance minister nominee Ishaq Dar to Pakistan, the Pakistani rupee on Tuesday was in top gear as it skyrocketed by Rs3.11 against the US dollar, reported 24NewsHD TV channel.

As soon as the business was set into motion in interbank trading, the rupee muscled down the dollar with a huge margin of Rs3.52 but at the end of the day it settled at Rs233.91 with an appreciation of Rs3.11.

In two days, the US dollar has lost Rs5.74 against the rupee.

In open market, the US dollar crashed to Rs234 down by Rs3.50. In two days, the greenback has lost Rs10.50 in the open market.

On Monday, the greenback closed the day at Rs237.02 after losing Rs2.57 against the Pakistani currency. 

Interbank closing #ExchangeRate for todayhttps://t.co/Cu7jYiAcMn pic.twitter.com/I40wA4ip6m

— SBP (@StateBank_Pak) September 26, 2022

The last closing of the previous week’s Friday was Rs239.65.

Pertinent to note that Prime Minister Shehbaz Sharif nominated Ishaq Dar as the new finance minister as Miftah Ismail resigned from his post in London on Sunday. Ishaq Dar has reached Islamabad to take over the ministry after taking oath as a senator.

Finance Minister Miftah Ismail said: “In a meeting with Mian Nawaz Sharif and PM Shehbaz Sharif today, I have verbally resigned as Finance Minister. I will tender a formal resignation upon reaching Pakistan. It’s been an honour to serve twice as Finance Minister. Pakistan Paindabad.”

He submitted his resignation in the PML-N party huddle held under the chairmanship of Mian Nawaz Sharif.

Nawaz Sharif and PM Shehbaz appreciated the efforts of Miftah Ismail for carrying out the responsibilities under the most difficult financial situation in the country.

During the meeting, Nawaz Sharif and Prime Minister Shehbaz Sharif nominated Senator Ishaq Dar as the Finance Minister.

Reporter Ashraf Khan