KARACHI: The rupee gained Rs1.45 against the dollar in the inter-bank market on Monday, after slumping five paisa for a brief period.

The local currency was being traded at Rs227 in the early morning trade. The rupee closed at Rs228.45 in the inter-bank market on Friday, the State Bank of Pakistan said.

The rupee continued to gain momentum after former finance minister Miftah Ismail announced on September 25 that he would step down from his position and the international oil prices started to fall down.

The greenback fell by Rs2.63 when the market opened after Miftah’s tweet. Later, it further slumped by Rs3.11 a day after PML-N leader Ishaq Dar landed in Pakistan along with Prime Minister Shehbaz Sharif. So far the dollar has lost Rs11.4 since the former finance czar’s announcement.

However, market experts also believe that global oil prices which stand at $87.65 a barrel on Monday also led to such a market sentiment. But, they have also called for long-term solutions to address such situations.

Dar after taking oath as finance minister for the fourth time had vowed to improve the currency value and bring inflation down.

This is a developing story and will be updated accordingly.