The Pakistani Rupee hits six-month high against Dollar as the local currency continued to gain strength in both the interbank and open markets. The improvement came amid rising optimism over Pakistan’s economic stability, expectations of the IMF Executive Board’s approval for a $1.2 billion tranche in December, and the agreement with the UAE to boost bilateral trade to $20 billion. The decline in global crude oil prices has also supported the rupee’s upward momentum.
In the interbank market, the US dollar fell below Rs281, marking its lowest level in six months, while in the open market, the dollar slipped to around Rs282. The decision by the State Bank to maintain the current policy rate, reduced demand for the greenback, and the increase in remittance inflows have further strengthened the rupee. Analysts also expect inflation to remain between 5% and 6% in October, contributing to market confidence.
During Tuesday’s trading session, the dollar at one point dropped by 25 paisas to Rs280.75 before closing slightly higher at Rs280.97, down by 3 paisas overall. Similarly, in the open currency market, the dollar closed 5 paisas lower at Rs282.
Reports of Saudi Arabia rolling over its $5 billion deposits and providing an additional $1 billion oil financing facility to Pakistan have also played a key role in boosting market sentiment. These developments continue to fuel investor confidence as the Pakistani Rupee hits six-month high against Dollar, signaling a positive trend for Pakistan’s financial markets.
