Once again, the Pakistani rupee has demonstrated its resilience against the US dollar, a trend that signals positive market sentiment and carries several potential implications, including more affordable imports and potential economic stimulation.
The US dollar has slipped below the 290 mark when compared to the Pakistani rupee, meaning that it now requires fewer Pakistani rupees to acquire a single US dollar. This latest exchange rate reflects the relative strength of these two currencies within the foreign exchange market.
As reported by the State Bank of Pakistan (SBP), the Pakistani rupee has settled at 289.8, marking a notable increase of Rs1.06 in the inter-bank market. This surge in value underscores the ongoing strengthening of the Pakistani rupee in its battle against the US dollar.
It is worth noting that the Pakistani rupee has embarked on an impressive upward trajectory in recent days, rebounding by over 6% from its record low of 307.1 against the US dollar on September 5th in the inter-bank market.
Earlier, after the decline of the US Dollar, the Euro, Pound, Dirham, and Riyal also experience substantial drops in the open market.
According to media sources, the Euro has depreciated by Rs 8, now standing at Rs 305, while the Pound has dipped by Rs 13 to reach Rs 355. The Dirham has decreased by Rs 6.30, reaching Rs 72.70, and the Rial has fallen by Rs 3.70, settling at Rs 71.70.
Meanwhile, in the interbank market, the US Dollar concluded at Rs 275.44, marking a decrease of Rs 10.55.
Malik Bustan, a financial expert, has suggested that the US Dollar’s value in the interbank market may hover between Rs 260 and Rs 270. He attributes the prior increase in the dollar’s value to the government’s flawed policies, which prompted importers to resort to informal channels like Hawala Hindi to purchase dollars.
Bustan also notes that speculators have initiated dollar selling in the market, potentially driving the interbank rate down further.