The Pakistan rupee gained 07 paisa against the US dollar in the interbank foreign exchange trading on Thursday (March 7) and closed at Rs 279.28 against the previous day’s closing of Rs 279.35.
Experts said the recent movement of the rupee indeed offers a glimmer of hope for the nation’s economic stability. The influx of export receipts and remittances has injected strength into the local currency, bolstering its value against the greenback. This trend reflects positively on the economy, indicating improved trade balances and enhanced confidence in the domestic currency.
However, it’s crucial to maintain a cautious approach, as the surge in demand for import payments could pose challenges to the rupee’s stability. The delicate balance between export-led inflows and import-related outflows underscores the need for prudent fiscal management and strategic policymaking to sustain the currency’s upward trajectory.
According to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market stood at Rs279 and Rs281.8, respectively.
As per the State Bank of Pakistan report, rupee standings against the other currencies includes euro increased by 82 paisa to close at Rs304.22 against the last day’s closing of Rs303.40, Japanese yen gained 02 paisa to close at Rs188, whereas an increase of 53 paisa was witnessed in the exchange rate of the British pound, which was traded at Rs355.58 compared to the last closing of Rs355.05. Moreover exchange rates of the Emirates dirham and the Saudi riyal decreased by 01 paisa and 02 paisa to close at Rs76.04 and Rs74.46 respectively.