Karachi September 28 2022: Pakistan Rupee continue to appreciate for the fourth consecutive session in interbank against dollar as Ishaq Dar take Oatah as new Finance Minister of the country amid prospects of more aid flows for flood victims.
Earlier today Ishaq Dar, member of Senate and ruling party of Pakistan, sworn as Finance Minister of Pakistan for the fourth time in a ceremony held in Islamabad.
Saudi Crown Prince Muhammad bin Salman (MBS) will undertake Pakistan’s visit mid-November this year and will make a major announcement on various development projects.
Pakistan Rupee appreciate PKR 2.09 or 0.9 percent in interbank to trade at 231.82 at PST 11:00 am against yesterday closing of 233.91. In the last four consecutive session rupee gains PKR 7.89 or 3.4% from recent low of 239.71.
In Open Market Rupee gains 2.5 to trade at 232.5 at PST 11:00 am against yesterday closing of 235.
Speaking at a virtual news conference at the beginning of its 55th annual meeting from Manila, ADB President Masatsugu Asakawa said the $1.5bn countercyclical loan for Pakistan was under process and would be approved in October. “The ADB would continue its support in mitigating the climate change-related crisis in Pakistan,” he said while answering a question.
However, nervous financial markets propelled the safe-haven dollar to a fresh two-decade peak on Wednesday as rising global interest rates fed recession worries, while sterling languished near all-time lows on fears over Britain’s radical tax cut plans. The U.S. dollar index against a basket of major currencies rose about 0.5% to hit a new high of 114.70 in Asia trade, as per Reuters.
