KARACHI: After a continuous drop in value against the US dollar, the Pakistani rupee made a strong comeback on Monday during the early hour of trade. According to the Forex Association of Pakistan (FAP), the local currency gained Rs4.15 or 1.73 per cent by 10:00 AM.
The Chairperson of FAP, Malik Bostan, said that a decline in prices of crude oil in the international market had raised the expectations for a decrease in import bills & trade deficit. Subsequently, the rupee has started to gain value.
He added that the news of Ishaq Dar’s return as finance minister has also played a vital role in strengthening the rupee. Malik said that FAP and Dar would work alongside to improve the value of the rupee.
Dar will return to Pakistan today with Prime Minister Shehbaz Sharif and take over the duties of finance minister. Earlier on Sunday, Miftah Ismail had stepped down as the finance head of Pakistan.