PKR further recovers against Dollar in open market

The Pakistani rupee continued to recover against the US dollar in the open currency market on Tuesday, the second day of the business week.
The dollar depreciated further by 1.50 during trading at 1:00 pm on Tuesday, leaving the dollar trading at Rs 182.70.
It may be recalled that the dollar had reached a record high of Rs 190 in the open currency market on Thursday, with the SBP announcing a tight monetary policy and raising interest rates by 2.5 per cent. A no-confidence motion was ordered.

As a result of these two decisions, the demand for the dollar declined and the recovery in the value of the dollar began on Friday, as a result of which the value of the dollar has declined by Rs 7 so far.

KP Governor resigns

PESHAWAR: Khyber Pakhtunkhwa Governor Shah Farman on Monday resigned after election of Shehbaz Sharif as the Prime Minister of Pakistan.

The outgoing governor had already decided that he would relinquish his office once Pakistan Muslim League-Nawaz leader was elected the country’s chief executive.

“The governor has signed his resignation and dispatched it to President of Pakistan Dr Arif Alvi,” a statement issued from the Governor’s House said.
It is to be mentioned here that Shah Farman had taken oath as the 32nd Governor of Khyber Pakhtunkhwa on Dec 5, 2018.

New PM Shehbaz Sharif resumes office, given guard of honour

ISLAMABAD :Prime Minister Muhammad Shehbaz Sharif on Tuesday resumed his responsibilities as head of the state while earlier he was given guard of honour at the Prime Minister House. Prime Minister Shehbaz Sharif reviewed the guard of honour as the contingents of the armed forces presented salute to him. The prime minister was introduced to the officials and staff of the PM House.

Shehbaz Sharif was sworn-in as the country’s 23rd  prime minister a day earlier after he won a no-confidence vote from the National Assembly against his predecessor Imran Khan. Acting President and Chairman Senate Muhammad Sadiq Sanjrani administered the oath.

Meanwhile, Indian Prime Minister Narendra Modi has congratulated Shehbaz Sharif on his election as Prime Minister of Pakistan. In a tweet, Modi expressed the desire for peace and stability in the region.