Dollar’s slide continues as rupee strengthens for fourth straight session


KARACHI: The Pakistani rupee continued Wednesday to gain ground for the fourth consecutive session as the dollar’s slide persisted with the return of PML-N Senator Ishaq Dar — who took oath as a federal minister today.

In the interbank market during intraday trade, the rupee gained 1.91 to trade at 232 per dollar after it increased its value by 7.65 in the ongoing week.

Currency dealers and analysts have cited that the return of Dar — a close aide of PML-N supremo Nawaz Sharif — to Pakistan to take charge as the finance minister has helped improve sentiment and the fall in international commodity prices boosted the rupee’s rise.

The current account deficit — fortunately — will likely remain in check on account of declining international commodity prices and administrative measures taken by the government.

Inflation, too, has most likely peaked and is expected to come down over the coming months, The News reported.

Talking to, economist and former adviser to the federal ministry of finance Dr Khaqan Hassan Najeeb said the first aspect is a change in market sentiment driven by a leadership change at the finance ministry.