KARACHI: On Thursday, the US dollar continued to lose value against the Pakistani rupee in the interbank market. During the early-hour trade, the local currency gained Rs1.42 or 0.61 per cent. The Forex Association of Pakistan reported that the rupee traded at Rs230.7 at 9:44 AM.
Since reaching its lowest value of Rs239.94 on September 22, the rupee has been recording recovery for five consecutive sessions. Dollar has lost 3.2 per cent in value in the last four sessions.
Meanwhile, the new Finance Minister Ishaq Dar advocated the intervention in the currency market by stating that amendments would be applied to the laws of the central bank. He added that intervention in the foreign exchange market had to be a realistic approach.
Dar pointed out that central banks across the world intervene in the exchange market after the value of the currency fluctuates higher or lower to a certain band.