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Pakistan Rupee Rallies Amid New Finance Chief Appointment

  • Currency among worst performers, down 35% so far this year
  • Incoming finance minister known to manage currency previously
Ishaq Dar

Ishaq Dar

Photographer: Kiyoshi Ota/Bloomberg
Updated on

Pakistan’s rupee closed its best day in six weeks after reports that Ishaq Dar, known for his preference for a stronger currency, will be returning as finance minister.

The rupee gained 1.1% to 237.02 a dollar at close, strengthening as emerging-market peers continue to be pummeled by a strong dollar. The nation’s benchmark stock index gained 1.3%, the most in almost a month too.