Rupee Value Drops Against US Dollar Following Circulation of News of Ishaq Dar Appointing Himself as FM
The conjecture surrounding Ishaq Dar’s possible return to politics has caused the value of the Pakistani Rupee to drop against the US dollar in recent trading sessions. The currency exchange rates have fluctuated in response to rumors that Dar may be appointed Finance Minister.
According to the most recent data, the selling rate for a US dollar is Rs 282.4, while the local and open markets are both at Rs 279.3 for one dollar. This change is being made in advance of Dar’s scheduled retirement from the Senate in March 2024. On the other hand, there are compelling signs that he will be re-elected and take up a significant role in the federal cabinet—possibly as finance minister.
Investors and market players are keeping a careful eye on these developments because of Dar influence over economic policies and his past time as Finance Minister. The unpredictability surrounding his possible appointment has caused traders to modify their holdings in response to the shifting political situation, which has caused changes in the currency market.
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