Karachi
The Pakistani rupee recently saw a commendable uptick of 10 paisa against the US dollar in interbank trading, closing at Rs277.83 on Tuesday (April 2) compared to the previous day’s Rs277.93.
Analysts attribute this rise to promising reports indicating an enhancement in exports, as per the latest data from the Pakistan Bureau of Statistics (PBS). During the first nine months of the fiscal year 2023-24, exports surged by 9 per cent, totaling $22.91 billion, compared to $21.04 billion in the corresponding period of the previous fiscal year.
According to the Forex Association of Pakistan (FAP), the open market witnessed stable buying and selling rates of the dollar, standing at Rs278.2 and Rs281.1 respectively.
Furthermore, other major currencies experienced fluctuations; the euro declined by Rs1.33, closing at Rs298.42 against Rs299.75, while the Japanese yen remained steady at Rs1.83. Similarly, the British pound saw a decrease of Rs1.98, trading at Rs348.76 compared to the previous closing of Rs350.74. Moreover, the Emirates dirham and the Saudi riyal each dropped by 03 paisa to close at Rs75.65 and Rs74.07 respectively, as reported by the State Bank of Pakistan (SBP).
Despite the weekly market reopening, the Pakistani rupee showcased remarkable resilience against the greenback. Currency experts attribute this positive trend to various factors indicating Pakistan’s improving economic landscape. Overall, these developments contribute to a positive momentum in the Pakistani currency market, fostering confidence in the local currency.