After facing a decline in value for consecutive days, the local currency has started to gain strength against the US dollar. The greenback lost 84 paise and dropped to Rs238 in the interbank market. Yesterday, the dollar closed at Rs238.84.
Since Friday, the rupee has gained Rs2 after a constant drop from July 16. According to Saad Bin Nasir, Director of Mettis Global, the intervention from the State Bank of Pakistan and ease in pending oil payments aided in strengthening the local currency. He added that the rupee would continue to appreciate against the dollar and slowly regain value.