Dollar weakens as rupee gains in both forex markets
Business
The Pakistani rupee gained against the US dollar on Wednesday, with the interbank rate closing at PKR 280.27 and the open market at PKR 281.30.
KARACHI (Web News) — The Pakistani rupee strengthened against the US dollar on Wednesday, closing lower in both the interbank and open currency markets amid positive economic signals.
In the interbank market, the dollar fell 4 paisa to close at PKR 280.27, while in the open market, it declined 5 paisa, ending at PKR 281.30. During the day, the dollar briefly dipped to
PKR 280.05 following strong rupee demand and improved supply.
Experts said several factors contributed to the rupee’s resilience:
- 14% increase in IT exports in November, reaching $356 million
- Reduction in imports
- Reports of increased energy trade and investment with Russia
- Government’s plan to sell 100% of PIA shares
- Global decline in crude oil prices
- Expectations of higher foreign inflows in the next half-year
These factors helped the rupee remain steady for the 61st consecutive day, showing stability amid market fluctuations.
