Rupee remains unchanged in open market

Rupee remains unchanged in open market

KARACHI – The Pakistani Rupee held steady against the US Dollar in the open market on Saturday, maintaining its position at Rs138.50/Rs139.00.

This stability is attributed to the optimistic outlook surrounding potential investments from Saudi Arabia.

Market data indicates that the buying and selling rates for the dollar remained unchanged, aligning with the levels observed in the preceding day’s transactions in the cash-free market.

Currency experts are anticipating a potential strengthening of the local currency against the dollar in the upcoming week. The optimism stems from the expectation of substantial foreign inflows, particularly in light of the scheduled visit of Saudi Crown Prince Mohammad Bin Salman to Pakistan on February 16, 2019.

There is a prevailing sentiment in the market that Prince Mohammad Bin Salman might announce a significant investment in Pakistan, with speculations reaching approximately $18 billion. This potential injection of funds is anticipated to have a positive impact on the Pakistani economy and further stabilize the currency.

A noteworthy statement from the Adviser to the Prime Minister on Commerce and Investment, Abdul Razak Dawood, added to the growing optimism. Dawood announced that Saudi Arabia is actively considering a substantial investment to establish an oil refinery in Gwadar. This development aligns with Pakistan’s strategic efforts to boost economic activities and enhance its energy infrastructure, particularly in the Gwadar region.

The prospect of a major investment from Saudi Arabia comes at a crucial time for Pakistan, as the country seeks to address economic challenges and attract foreign capital. The oil refinery project in Gwadar, if materialized, could play a pivotal role in transforming the region and contributing to Pakistan’s economic growth.

Market analysts and stakeholders will be closely monitoring the developments surrounding the visit of Saudi Crown Prince Mohammad Bin Salman, recognizing the potential for substantial economic collaborations between the two nations. The outcome of the visit is expected to shape the economic landscape and reinforce bilateral ties, reflecting the significance of international partnerships in fostering economic progress.