Rupee continues upward trend against dollar

Rupee gains Rs 1.06 against US Dollar on 26th September 2023

The Pakistani Rupee continued its impressive streak in the interbank trading session on Tuesday, marking its 16th consecutive session of recovery. The Rupee strengthened by Rs 1.06 against the US Dollar, concluding the day’s trading at Rs 289.80, a notable improvement from the previous day’s closing rate of Rs 290.86.

Meanwhile, as reported by the Forex Association of Pakistan (FAP), the open market had slightly different rates, with the buying rate at Rs 289.15 and the selling rate at Rs 292 for the US Dollar.

In addition to the Rupee’s resilience against the Dollar, other major currencies also experienced fluctuations in their exchange rates. The Euro, for instance, saw a decline of Rs 2.67, closing at Rs 306.89 compared to the previous day’s rate of Rs 309.56, as reported by the State Bank of Pakistan (SBP).

The Japanese Yen exhibited minimal movement, decreasing by just 01 paisa to close at Rs 1.94. Meanwhile, the British Pound witnessed a more significant change, with its exchange rate dropping by Rs 3.12, settling at Rs 353.03 in contrast to the previous closing rate of Rs 356.15.

Furthermore, the exchange rates of other prominent currencies also experienced slight declines. The Emirates Dirham and the Saudi Riyal both saw a decrease of 29 and 28 paisa, respectively, with closing rates of Rs 78.89 and Rs 77.25.

This recent strengthening of the Pakistani Rupee against the US Dollar suggests a positive trend in the country’s foreign exchange market, with potential implications for various sectors of the economy.

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