The American currency reached Rs235.5 in early morning interbank trading after losing Rs4.15 value against the Pakistani rupee.
The financial experts said that Miftah Ismael’s resignation and Ishaq Dar becoming the new Finance minister have led to the decrease in US dollar value and strengthening of the local currency.
The new price of the US dollar is Rs235.5 while last Friday’s closing was Rs239.65.
— SBP (@StateBank_Pak) September 23, 2022
Prime Minister Shehbaz Sharif has nominated Ishaq Dar as the new Finance Minister and Miftah Ismail resigned from his post.
Finance Minister Miftah Ismail tweeted: “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.”