Pakistani rupee strengthens for 74th consecutive day as dollar dips
Business
The Pakistani rupee continued its upward trend on Tuesday for the 74th day, with the dollar falling in both interbank and open market trading
ISLAMABAD (Web Desk) The Pakistani rupee strengthened against the US dollar for the 74th consecutive day on Tuesday, with the dollar losing value in both interbank and open market trading.
At one point, the dollar fell by 25 paisa in the interbank market, reaching a low of PKR 279.85. By the close of business, the dollar settled at PKR 280.07, reflecting a 3-paisa decline. In the open market, the dollar ended at PKR 281.10, down 5 paisa.
Experts attributed the rupee’s continued strength to several factors, including the possible rollover of $3 billion from the United Arab Emirates and earnings of $36.6 million from Pakistani startups.
Additionally, increased cooperation with multiple countries in defence, trade, energy, and investment, along with rising foreign exchange reserves, has helped maintain stability in the currency market.
The experts said that the persistent strength of the rupee indicates growing investor confidence and improving economic fundamentals, while continued monitoring of foreign exchange demand is essential to sustain the momentum.
