Pakistani rupee recorded resilience on Wednesday (February 21) by appreciating by PKR 0.07 against the US dollar at the closing of the interbank foeign exchange market.
The recent appreciation of the Pakistani rupee against the US dollar indeed signals positive developments for the country’s economy. This resilience can be attributed to various factors, including improved economic indicators and a reduction in political uncertainty. The role of the State Bank of Pakistan in maintaining stability through effective monetary policies is also noteworthy.
However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market stood at Rs279.75 and Rs282.3, respectively.
The price of the euro increased by 82 paisa to close at Rs302.06 against the last day’s closing of Rs301.24, according to the State Bank of Pakistan (SBP).
The Japanese yen gained 01 paisa to close at Rs1.86, whereas an increase of 74 pasia was witnessed in the exchange rate of the British pound, which was traded at Rs352.68 compared to the last closing of Rs351.94.
The exchange rates of the Emirates dirham and the Saudi riyal decreased by 02 paisa each to close at Rs76.09 and Rs74.52 respectively.