The rupee gains one paisa to close at Rs277.01 per US dollar in the interbank market amid steady foreign exchange inflows.

The Pakistani rupee edged higher against the US dollar on Thursday, gaining one paisa in the interbank foreign exchange market amid smooth external inflows.

According to the State Bank of Pakistan (SBP), the rupee strengthened to Rs277.01 per US dollar, compared with the previous day’s closing rate of Rs277.02.

Currency experts said the local currency remained broadly stable against the greenback, supported by the country’s foreign exchange reserves and sustained inflows of workers’ remittances.

The marginal appreciation reflects continued stability in the interbank foreign exchange market, with external inflows helping support the rupee against the US dollar.

Experts noted that a stable or stronger rupee can help ease pressure on the country’s import bill. It can also lower the local-currency cost of foreign payments, including payments for imported goods and external obligations.

The rupee has remained relatively steady in the interbank market as market participants continue to monitor foreign exchange inflows, reserves and external financing conditions.

The latest movement represents a one-paisa improvement from Wednesday’s close, keeping the exchange rate near the Rs277 per dollar level.

For further details on the currency market continue to visit Pakistan Revenue.