“The second wave of Covid-19 in the West has pulled oil prices down in the global market. The drop in international oil prices is also a positive for the rupee as Pakistan meets around 70% of its energy needs through imports. Both experts said the rupee had apparently recovered after inflows remained higher than outflows. The rupee appreciates when demand for foreign currencies drops in the inter-bank market under the new market-based rupee-dollar exchange mechanism and vice versa. They must be selling dollars or were about to sell in the inter-bank market, he said.

Source: The Express Tribune October 03, 2020 03:22 UTC