KARACHI, Pakistan The Pakistani rupee opened slightly higher on Monday ahead of the announcement of a new finance minister, as the country grapples with an economic crisis exacerbated by devastating floods.
The forex exchange association said that the rupee opened at 239.65 rupee a dollar and gained 2.15 rupee in the opening session.
Finance Minister Miftah Ismail announced yesterday that he will be stepping down.
His likely replacement, Ishaq Dar, is known for keeping the rupee over-valued or stable against the dollar.
Both of them come from the ruling party of Prime Minister Shehbaz Sharif, who is leading a united government comprising several political parties.
Dar previously served as finance minister under the rule of the Pakistan Muslim League Nawaz PML-N party.
The Dar factor is at play. Fahad Rauf told Ismail Iqbal securities that he kept the dollar rate stable.
The dollar is gaining ground against most global currencies, and Pakistan is in a tight spot with less foreign reserves.
There is no way the rupee can move against the tide in the current scenario, he said.