Pakistan Rupee Maintains Upward Trend Against US Dollar

ISLAMABAD: The Pakistani rupee (PKR) maintained its upward trend against the US dollar for the third trading session in the interbank market on Tuesday as the PML-Ns 'finance wizard' and former Finance Minister Ishaq Dar returned home after a nearly five-year self-exile.

In the early trading session, the local unit appreciated 3.02 PKR against the greenback and was trading at 234 PKR in the interbank market, The News reported. During the last three trading sessions, the dollar has depreciated by 5.71 PKR against the local unit. Due to the recent decline in the value of the greenback, Pakistan's total debt was reduced by 740 billion PKR.

The rupee came close to reaching a record low of 240 against the dollar but was unable to do so after several positive cues despite deadly floods devastating Pakistan's economy.

Exchange Companies Association of Pakistan (ECAP) General Secretary Zafar Paracha said it seems like the market is responding to Dar's arrival and the announcement of him replacing Miftah Ismail as the Finance Minister, The News reported. (IANS)

Also Read: Floods Turn Pakistanis Into Globe-Trotters

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