PKR wins battle against Dollar 

Web Desk (LTN NEWS): On Monday morning, the Pakistani rupee rose by Rs7 against the dollar on the interbank market, which is a market between banks.

According to data from the Forex Association of Pakistan, the PKR was being traded at Rs235.75 per dollar as buying rate and Rs236.25 as the selling rate in the interbank market.

Saad bin Naseer, director of the financial data and analytics portal Mettis Global, said that the rupee’s recovery was a “sentimental reaction” to the news that PML-N leader Ishaq Dar returning to Pakistan to take over as finance minister.

FAP Chairman Malik Bostan said that the main reason for the PKR gains was the drop in the price of crude oil on the international market, which made people think that the import bill and the trade deficit would go down.

He also said that Dar’s return helped the rupee get stronger. “Dar kept the exchange rate for the dollar at Rs90 for a long time… I think that once Dar becomes minister, speculation on the interbank market will stop, which will raise the value of the rupee. “

He said that the FAP and Dar had worked together in the past to raise the value of the rupee against the dollar. He also said that the group could work with him to come up with a plan to “rapidly bring down the dollar rates.”

Bostan also said that he thought Dar would agree to the association’s demands about how travelers should report their money, which would increase the number of greenbacks on the market.

After losing ground for 15 straight sessions, the rupee was able to make a small comeback on Friday by gaining six paise against the US dollar.