Daily Times

The rupee strengthens against the dollar for the third straight session.

On Tuesday, the US dollar declined for the third straight session against the Pakistani rupee.

The dollar depreciate by Rs3.20 against the rupee and was trading at Rs234 in intraday trade on the interbank market as of 10:30am. This comes after multiple sessions in the previous trading week saw the local currency experience back-to-back losses.

Only two days into the trading week, the dollar has already lost Rs5.15 in the interbank market.

On Monday, the greenback closed the day at Rs237.02 after losing Rs2.57 against the Pakistani currency.

Whereas, the price of Euro decreased by Rs 4.78 and closed at Rs 229.52 against the last day’s closing of Rs 234.30. The Japanese Yen lost 03 paisas to close at Rs 1.65, whereas a decrease of Rs 12.65 was witnessed in the exchange rate of the British Pound, which was traded at Rs 255.31 as compared to its last closing of Rs 267.96. The exchange rates of Emirates Dirham and Saudi Riyal decreased by 71 and 69 paisas to close at Rs 64.53 and Rs 63.04 respectively.

However, Prime Minister Shehbaz Sharif nominated Ishaq Dar as the new Finance Minister as Miftah Ismail resigned from his post in London on Sunday.

Finance Minister Miftah Ismail said: “In a meeting with Mian Nawaz Sharif and PM Shehbaz Sharif today, I have verbally resigned as Finance Minister. I will tender a formal resignation upon reaching Pakistan. It’s been an honour to serve twice as Finance Minister. Pakistan Paindabad.”

Nawaz Sharif and PM Shehbaz appreciated the efforts of Miftah Ismail for carrying out the responsibilities under the most difficult financial situation in the country.