ISLAMABAD/KARACHI (Web Desk) – The Pakistani rupee continued its strong performance on Friday as the dollar weakened for the 72nd consecutive day, closing at Rs280.11 in the interbank market after a minor decline of one paisa.
Experts said several positive developments kept the rupee firm. The UAE converted a $1 billion deposit at the State Bank into Military Foundation equity, while Pakistan’s defense equipment exports reached $10 billion. In addition, global Brent and WTI crude prices fell by 19% and 20% respectively in futures trading, providing further relief to the currency market.
Investor confidence also improved due to ongoing economic reforms, timely repayment of foreign loans, and foreign exchange reserves hitting a four-year high. At one point, the dollar fell to Rs279.90, but increased demand at the close lifted it slightly.
In contrast, the open market rate for the dollar remained steady at Rs281.15. Analysts said additional factors like government proceeds of Rs2 trillion from Sukuk issuance, growing foreign investment in the Reko Diq project, and privatization plans of loss-making state entities also supported the rupee’s strength.
Overall, the currency market displayed resilience, giving businesses and investors a positive signal amid global and domestic economic fluctuations.