The rupee closed at Rs233.12, the State Bank of Pakistan said after appreciating by 0.77%.

In just three days, the dollar has lost its value by Rs7.89. The fall of the greenback follows a series of political development following the return of PML-N leader Ishaq Dar to the country and his becoming the finance minister today (Wednesday).

However, the slumping oil prices have also contributed to such a decrease. Oil prices fell more 1% on Wednesday, pressured by a strengthening dollar and crude storage builds that offset support from US production cuts caused by Hurricane Ian.

The value of the US dollar had topped Rs240 last week, but with the government’s decision to replace Miftah Ismail with Dar as financ czar, it slumped on Monday to Rs237.02 in the interbank market. In the open market the greenback depreciated by Rs6, reducing the gap between interbank and open market rates.