Rupee continues upward gains against USD as Dar returns

Stringent monitoring of banks and crackdowns have also strengthened the rupee

ISLAMABAD:

The Pakistani rupee continued its rally against the US dollar on Tuesday following the return of Ishaq Dar and Prime Minister Shehbaz Sharif’s visit to the United States.

The dollar was being traded at Rs234.11 in the interbank market while the open-market rate hovered around Rs236.

Read Rupee gains against USD after 45 days of devaluation

According to market analysts, Dar is considered an 'expert' in ensuring the rupee’s stability. On the other hand, stringent monitoring of banks and crackdowns on illegal money changers have also strengthened the rupee.

Moreover, experts claim that the possibility of receiving $2 billion from the World Bank and the government’s continuous efforts of postponing payments of foreign loans due to the recent floods has also slowed down the rapid increase in the dollar’s price.

Dar returns

Dar, who returned on Monday following a five-year period of 'self-exile', is expected to take the oath of the upper house of parliament today to become the new financial czar of the country.

Talking to the media after landing at Nur Khan Airbase, Dar said he has reached Pakistan on the instructions of the party leader, Nawaz Sharif and Prime Minister Shahbaz Sharif.

“We will take this country out of the economic vortex… we will take Pakistan out of the economic vortex like in 1999 and 2013-14, there is a lot of hope that we will go in a positive economic direction”.