The rupee starts the week on a high note, gaining versus the dollar.

The Pakistani rupee gained ground against the US dollar as the week began on Monday, following a string of losses in the previous days.According to the State Bank of Pakistan (SBP), the rupee gained 2.63 against the dollar in the interbank market to reach 237.02, up from the previous session’s finish of 239.65.

The local currency finally halted its losing skid against the dollar on Friday, the penultimate trading day of the previous week, following 15 consecutive sessions of depreciation.Despite disastrous rains wreaking havoc on Pakistan’s economy, the rupee came dangerously close to setting a record low of 240 versus the dollar.

According to Exchange Companies Association of Pakistan (ECAP) General Secretary Zafar Paracha, the market appears to be reacting to PML-N leader Ishaq Dar’s presence and the announcement that he will replace Miftah Ismail as finance minister.

Dar will return to Pakistan today, along with Prime Minister Shehbaz Sharif, to “assist” the government’s efforts to revitalise the country’s cash-strapped economy by taking over the finance ministry’s important portfolio.

Apart from Dar’s remark, Paracha highlighted that market participants were also noticing political stability, after PTI Chairman Imran Khan stated that he may return to parliament if the claimed cypher carrying threatening words behind his government’s dismissal is investigated.

The ECAP general secretary also stated that the World Bank’s declaration regarding repurposing funds, the International Monetary Fund’s (IMF) pledges to assist Pakistan, and the Asian Development Bank’s assistance have all increased market hopes.