After losing value compared to the US dollar on Wednesday, the Pakistani rupee made a comeback by strengthening against the dollar by Rs2.09 on the interbank market.
During most of September, the rupee had been gaining in value, going up by more than 6 percent. This positive trend was the result of stricter regulations in the informal currency market and made the rupee the best-performing currency in that month. However, this winning streak started to reverse by October 17.
Experts believe that the reason for this shift in the currency’s performance is due to a higher demand for the US dollar in the banking sector, particularly for upcoming foreign payments.
According to the Forex Association of Pakistan, as of 10:07 am on Thursday, the exchange rate for the US dollar was Rs278.20 against the rupee, compared to the previous day’s rate of Rs280.29.
