KARACHI: The Pakistani rupee continued its upward trajectory, gaining 11 paisas against the US dollar on Friday, driven by an influx of export receipts. This positive movement saw the rupee closing at Rs156.07 to the dollar in the interbank foreign exchange market, an improvement from the previous day’s closing of Rs156.18.
Currency dealers attributed the rupee’s gains to enhanced export receipts, which bolstered the local currency’s value against the greenback. They noted that the steady inflow of export earnings has played a crucial role in stabilizing the rupee amidst a volatile market. “The improved export receipts have significantly supported the rupee, helping it gain strength against the dollar,” a currency dealer commented.
The day’s trading in the foreign currency market began within a narrow range, opening between Rs156.12 and Rs156.17. Throughout the session, the market recorded a high of Rs156.15 and a low of Rs156.02 before closing at Rs156.07. This range-bound trading reflects the cautious optimism among traders as they navigate the evolving economic landscape.
In the open market, the rupee also appreciated against the dollar. The buying and selling rates of the greenback were recorded at Rs155.80 and Rs156.30, respectively, compared to the previous day’s closing of Rs155.90 and Rs156.40. This marginal appreciation in the open market further indicates the strengthening of the rupee amid improving market sentiments.
Market analysts highlighted that the rupee’s recent performance is a result of both improved economic indicators and positive market sentiment. The increase in export receipts is seen as a sign of robust economic activity, particularly in the export sector, which is crucial for the country’s foreign exchange earnings. “The strengthening rupee is a positive indicator of the country’s economic resilience and the effectiveness of policies aimed at boosting exports,” an analyst stated.
Moreover, the sentiments in the market have been buoyed by expectations of continued support from exporters, as well as stable foreign exchange reserves. These factors have contributed to a more favorable exchange rate environment, providing relief to businesses and importers who rely on a stable currency for their operations.
As the rupee continues to make gains against the dollar, market participants remain optimistic about the future trajectory of the currency. However, they also caution that external factors, such as global economic conditions and fluctuations in international markets, could influence the rupee’s stability in the coming days.
Overall, the recent appreciation of the rupee is a positive development for the Pakistani economy, signaling a potential path towards greater economic stability and growth. As export receipts continue to flow in, the rupee’s performance will likely remain a key indicator of the country’s economic health.
