Rupee continues upward trend against dollar

Rupee Gains 16 Paisa Against US Dollar As On 28th February 2024

In a positive turn of events, the Pakistani Rupee demonstrated strength in the financial markets on Wednesday by gaining 16 paisa against the US dollar in interbank trading. The day concluded with the Rupee standing at Rs 279.11, marking an improvement from the previous day’s closing rate of Rs 279.27.

According to the Forex Association of Pakistan (FAP), the open market’s buying and selling rates for the dollar were reported at Rs 279.2 and Rs 282.1, respectively. This reflects a positive trend, indicating increased stability in the foreign exchange market.

The State Bank of Pakistan (SBP) reported a favorable movement in other major currencies as well. The Euro experienced a decline of Rs 1.07, closing at Rs 302.11 compared to the previous day’s Rs 303.18. This downward shift suggests a strengthening position for the Rupee against the Euro.

The Japanese Yen maintained its standing, remaining unchanged at Rs 185. Similarly, the British Pound witnessed a positive shift for the Rupee as its exchange rate decreased by Rs 1.11, settling at Rs 353.30 from the last closing of Rs 354.41.

The Emirates Dirham and the Saudi Riyal also experienced a decrease of 04 paisa each, closing at Rs 75.99 and Rs 74.42, respectively. This change in exchange rates indicates a favorable scenario for those dealing with these currencies.

The Rupee’s resilience against major currencies highlights positive economic indicators and the effectiveness of financial measures. This development not only impacts the foreign exchange market but also contributes to a sense of stability and confidence in the overall economic landscape. As the Rupee continues to showcase its strength, it positions Pakistan on a favorable trajectory in the global financial arena.

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