Pakistani rupee gained Rs2.62 against the dollar during early trade in the interbank market on Thursday.
The PKR was being traded at Rs229.5 per dollar at 11:30am after appreciating 1.12 per cent from yesterday’s close of Rs232.12, data shared by the Forex Association of Pakistan (FAP) showed.
Today is the fifth consecutive session that the rupee has recovered after falling close to an all-time low of Rs239.94 on Sept 22. It has been on an uptrend since Friday, with its value improving by Rs7.59 or 3.2pc over the last four sessions.
Exchange Companies Association of Pakistan (Ecap) General Secretary Zafar Paracha claimed sentiments had changed mainly because of Ishaq Dar’s return as finance minister due to which the rupee was on an uptrend.
“The rupee was weakening earlier despite news of funds from the World Bank and Asian Development Bank among others. Overall, the sentiment was negative. Now, there is hope for improvement because of Dar’s reputation for keeping the dollar’s value low and managing the economy better.”
Dar, who has served as finance minister three times previously as well, is most famous for strong-arming the central bank to liberally inject foreign exchange into the market to prop up the rupee and keeping the dollar’s value around Rs90.
