KARACHI (Web Desk) – The US dollar recorded a slight decline against the Pakistani rupee in the interbank market on Thursday, while its value in the open currency market remained unchanged.
Market analysts said the rupee held its ground for the 76th consecutive session, helped by positive economic developments and improving investor sentiment. Reports of strong performance by Pakistani banks, favorable assessments by a global rating agency, and expectations of steady income from the Reko Diq project gave the local currency a shot in the arm.
In addition, news of major defense-related agreements with Saudi Arabia and Libya, worth billions of dollars, also supported the rupee.
A downward trend in global oil and commodity prices further eased pressure on the interbank market, keeping the dollar on the back foot throughout the trading session.
At one point, the dollar slipped by 21 paisas to hit 279.85 rupees. However, market demand and regulatory intervention later helped stabilize the rate. By the close of trading, the dollar settled at 280.05 rupees, down by one paisa.
Meanwhile, in the open currency market, the dollar stood firm at 281.10 rupees, showing no change. Currency dealers said the market remained calm, with no major shocks, suggesting the rupee is finding its feet after a long period of volatility.