Rupee ends stable in open market

Rupee ends stable in open market

KARACHI – The Pakistani Rupee demonstrated stability against the US Dollar in the open market on Saturday, attributed to a decreased demand for foreign currency.

The exchange rate remained consistent, with the buying and selling of the dollar recorded at Rs138.60/Rs139.10.

Currency experts anticipate that the local currency will continue to exhibit stability in the coming days, buoyed by the prospects of foreign investment, particularly with the upcoming visit of the Saudi Crown Prince. The visit, initially scheduled for February 16, has been rescheduled, and the Saudi Crown Prince is expected to arrive on February 17.

The authorities in Pakistan have expressed optimism regarding substantial investment treaties that are anticipated to be signed during the visit of the Saudi Crown Prince. Reports suggest that these agreements may include a significant investment of $10 billion for the establishment of an oil refinery.

The stability of the Pakistani Rupee is often influenced by factors such as foreign exchange reserves, trade balances, and investor confidence. The reduced demand for foreign currency, as reflected in the stable exchange rate, indicates a certain level of confidence in the local currency.

The rescheduled visit of the Saudi Crown Prince is seen as a key driver for potential foreign investment, further contributing to the stability of the Pakistani Rupee. The authorities have been actively promoting the investment opportunities available in the country, emphasizing the strategic economic partnership between Pakistan and Saudi Arabia.

In recent times, geopolitical developments and economic collaborations have played a crucial role in shaping currency dynamics. The anticipation of significant investment treaties, particularly in the energy sector, has garnered attention and has the potential to positively impact the Pakistani Rupee.

As the visit unfolds, stakeholders will closely monitor the developments and announcements related to investment agreements. The successful execution of such agreements could not only contribute to currency stability but also fuel economic growth and development in Pakistan.

The stability of the Pakistani Rupee against the US Dollar is viewed favorably by both local businesses and foreign investors. It fosters an environment conducive to economic activities, trade, and investment. The upcoming days are expected to shed more light on the outcomes of the Saudi Crown Prince’s visit and the subsequent impact on the economic landscape in Pakistan.