PML-N Senator Ishaq Dar was sworn in as the finance minister of Pakistan on Wednesday, a day after he took oath as the member of the upper house of Parliament which paved his way for taking the helm of financial affairs of the country.

President Arif Alvi administered the oath of office to the PML-N leader at the President House in Islamabad. Prime Minister Shehbaz Sharif and other cabinet members were was also present at the ceremony.

Dar succeeded party leader Miftah Ismail who became the finance minister when the ruling coalition came to power after ousting former prime minister Imran Khan through a vote of confidence.

Miftah stepped down as the finance czar after meeting with party supremo Nawaz Sharif in London. He had announced the decision in a tweet on September 25. He official resigned from the post on Tuesday, the same day when Dar returned to Senate.

The PML-N leader landed in Pakistan along with Prime Minister Shehbaz Sharif on Monday after spending five years in a self-imposed exile. The rupee had gained momentum against the dollar with the return of Dar. Since then, the local currency value has appreciated by Rs5.74.

The rupee gained Rs3.11 on Tuesday, the State Bank of Pakistan said.

However, the market experts have also attributed the decreasing rate of oil in the international market to such a market sentiment. 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.

Dar had served as the finance minister in the last PML-N tenure.