KARACHI: The Pakistani rupee on Tuesday extended its gains by Rs3.32 against the dollar in the interbank market during the opening hours of trade.
At around 9:45am, the local currency gained Rs3.32 against the dollar to reach Rs233.7, up 1.4% in value from the previous session’s close of 237.02, according to the Forex Association of Pakistan.
Only two days into the trading week, the dollar has already lost Rs5.15 in the interbank market.
Earlier, the rupee had snapped the dollar’s 15-session rally on Friday with a modest gain. It should be noted that the rupee lost value in four of the five sessions, edging perilously close to its all-time low in the inter-bank market.
Rupee’s appreciation is being linked to the result of a significant political development.
Miftah Ismail, the federal minister of finance and revenue, stated in a statement on Sunday that he will submit his formal resignation after orally resigning at a party meeting in London. Ishaq Dar, a senior PML-N leader, would take Miftah’s post as finance minister.
Dar is largely seen as an advocate for a higher rupee, and experts claim that since he was appointed finance minister, markets have tended to be optimistic on the local currency.
