KARACHI: The Pakistani Rupee (PKR) gained 24 paisas against the US dollar on Tuesday owing to positive sentiments continued after the finance minister met heads of financial institutions.
The exchange rate ended at PKR 220.65 to the dollar from previous day’s closing of PKR 220.89 in the interbank foreign exchange market.
READ MORE: Rupee rebounds after Dar holds meetings with banks, exchange companies
The local currency made recovery during the last two sessions following meetings of Finance Minister Ishaq Dar with representatives of banks and exchange companies last week.
The finance minister on Saturday October 29, 2022 held meetings with representatives of exchange companies and bankers and discussed the exchange rate volatility.
Finance Minister Ishaq Dar has advised foreign exchange companies to ensure appropriate exchange rate for the betterment of the country.
The finance minister highlighting the economic situation of the country stated that the present government with its pragmatic policy decisions has not only arrested the decline but has also set the economy in the right direction.
READ MORE: Rupee crashes to dollar as PTI long march starts
During the last week the rupee witnessed massive deterioration against the dollar after the PTI chief announced the protest rally.
PTI Chief Imran Khan was removed as prime minister through a vote of no confidence by the allied political parties in April this year. Imran Khan claimed that his government was toppled by a conspiracy.
Prior to the announcement of the long march, the rupee witnessed recovery against the greenback due to removal of Pakistan name from the grey list of the Financial Action Task Force (FATF).
READ MORE: Dollar climbs to PKR 221.50 on rising political tension
Further, the sentiments were also improved due to commitment of Asian Development Bank (ADB) to finance the country. The ADB approved a financing of $1.5 billion to the country. Currency experts said that the approval of loan program by the ADB helped the rupee to make gain.
Interestingly, the amount of $1.5 billion was received last night by the State Bank of Pakistan (SBP). However, the fund transfer also failed to support the local currency.
