On the third day of the business week, the dollar has become cheaper by 2.41 PKR and trading at 231.50 PKR. According to forex dealers, pressure on the rupee appeared to ease at the opening of trade on Wednesday.
The price of the American dollar, which was constantly increasing across the country, is now decreasing. During the four days, the value of the dollar decreased by 8.21 rupees while the external debt burden is likely to decrease by 1 thousand 50 billion Rupees. The economists attributed the depreciation of the rupee to the appointment of Ishaq Dar as the finance minister.
The Pakistani Rupee started gaining a significant value against US dollar after Ishaq Dar returned from London to be the new Federal Finance Minister of Pakistan to pull Pakistan out of the economic crisis.
Ishaq Dar is considered an expert in keeping the value of the rupee stable, due to which the demand of dollar seekers in the market has also stopped, while strict monitoring of banks and crackdown on illegal money changers have also helped the rupee to gain value.
Experts say that the expectation of receiving two billion dollars in funding from the World Bank and the government’s efforts to postpone external debt payments in the context of the flood disasters have also led to the rupee’s stability.