Pakistani currency maintained its downtrend for the fourth consecutive day on Thursday but it resisted larger losses, signalling that the market would stabilise around Rs280 against the US dollar in inter-bank dealings. The uptick in demand for the US dollar and the downtick in foreign currency reserves came after the government let foreign companies send profits and dividends to their headquarters abroad. Market talk suggests that the demand for dollars surpassed their supply because the foreign currency was required to pay for imports and repay foreign debt. In open market, the rupee remained unchanged at Rs282/$ for the second consecutive day, according to the Exchange Companies Association of Pakistan. Besides, the rupee depreciation and uptick in gold demand forced the pricing committee to revise up the rate.

Source: The Express Tribune October 28, 2023 02:13 UTC