KARACHI: The rupee on Monday started the week on a positive note against the US dollar after successive losses for weeks, gaining 1.5% in the inter-bank market during the opening hours of trade.
At around 10:45am, the local currency gained Rs3.76 against the dollar to reach Rs235.99, up in value from the previous session’s close of Rs239.65.
The rupee fared somewhat better the week before after the US Federal Reserve announced raising the main interest rate, ending the week 1.2% weaker versus the US dollar.
Before eventually snapping a 15-session losing streak to settle at 239.65 on Friday, the rupee lost value in four of the five sessions, edging perilously close to its all-time low in the inter-bank market.
But Monday’s triumph is 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.
