Moreover, there is speculation that the new finance minister may take steps to stabilise the local currency,” Mohammed Sohail, chief executive officer of brokerage house Topline Securities, told. “September’s lower imports are helping the PKR.
It later settled 30 paise higher.Īnalysts have attributed the strengthening of the rupee primarily to a reduction in the country’s import bill in September and expectations that the new finance minister, Ishaq Dar, would take measures to stabilise the current rate. Earlier, Forex Association of Pakistan (FAP) data showed the local currency gained Rs2.04 - an appreciation of 0.9 per cent - against yesterday’s close of Rs225.64 by afternoon.
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