Rupee registers gain against dollar
The rupee registers a gain against the dollar following Dar’s imminent return to the country.
After suffering consecutive losses during several previous sessions, the local kicked off the week’s trading on a positive note.
The value of the US dollar dropped by Rs3.65 in the interbank market Monday morning hours.
According to the State Bank of Pakistan (SBP), in the interbank market, the rupee gained 2.63 against the dollar to reach 237.02, up in value from the previous session’s close of 239.65.
Interbank closing #ExchangeRate for todayhttps://t.co/Cu7jYiAcMn pic.twitter.com/I40wA4ip6m
— SBP (@StateBank_Pak) September 26, 2022
In the past few weeks, the difference between interbank and open bank rates had grown to over Rs10.
It seems like the market is responding to PML-N leader Ishaq Dar’s appointment as the finance minister replacing Miftah Ismail.
The reports of Ishaq Dar’s return also made an impact on the Pakistan Stock Exchange (PSX) with the benchmark KSE-100 index closing 531.33 points or 1.29% higher at 41151.54.
