Pakistani currency made a major recovery by PKR 2.63 against the US dollar on Monday. In the past one and half months, this was the first major recovery for the Pakistani currency against the US dollar. The closing price of the Rupee against the US dollar was PKR 237.03 on Monday in the inter-bank market. This miracle happened after the announcement of the return of Ishaq Dar, the former finance minister of Pakistan.
The announcement of the takeover of the finance ministry by PML-N (Pakistan Muslim League-Nawaz Leader) and the former finance minister, Ishaq Dar seems to be the ray of hope for the recovery of economic crises and the recovery of the Rupee against the US Dollar.
The decrease in international oil prices also helped Rupee to make this major recovery against the US dollar. In June 2022, the international oil prices reached the highest price of 116 USD per barrel, which is now plunged to below 80 USD per barrel, which has helped Pakistan to reduce their prices of imports, which has helped the Rupee to make this great return against the US dollar.
