Rupee continues upward trend against dollar

Pakistani Rupee Gains Ground Against US Dollar on 16th November 2023

In a positive development for the Pakistani economy, the Pakistani Rupee exhibited strength against the US Dollar in the interbank trading on Thursday. The local currency gained 77 paisa and closed at Rs 287.37 against the US Dollar, marking a notable improvement from the previous day’s closing at Rs 288.14.

According to the Forex Association of Pakistan (FAP), the buying and selling rates of the US Dollar in the open market were reported at Rs 287.2 and Rs 290, respectively. These rates reflect the dynamic nature of the forex market and provide a snapshot of the currency’s performance in response to market forces.

In addition to the positive trend against the US Dollar, the State Bank of Pakistan (SBP) reported a decrease in the price of the Euro. The Euro witnessed a decline of Rs 1.55 and closed at Rs 311.60 compared to the last day’s closing at Rs 313.15.

The Japanese Yen experienced a marginal depreciation of 02 paisa, closing at Rs 1.89. Meanwhile, a more significant decrease of Rs 3.26 was observed in the exchange rate of the British Pound, which traded at Rs 355.90 in contrast to the previous closing of Rs 359.16.

The exchange rates of the Emirates Dirham and the Saudi Riyal also demonstrated a downward trend, decreasing by 21 and 20 paisa, respectively. The Emirates Dirham closed at Rs 78.24, while the Saudi Riyal concluded at Rs 76.62.

These fluctuations in the forex market highlight the interplay of global economic factors and regional dynamics that influence currency valuations. The positive momentum of the Pakistani Rupee against the US Dollar is anticipated to have ripple effects on various sectors of the economy, contributing to a more stable financial environment.

As the forex market remains dynamic, analysts and investors continue to closely monitor these trends for insights into economic health and potential implications for trade and investment activities in the region.

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