KARACHI: The Pak Rupee gained four paisas against dollar on Wednesday owing to inflows of export receipts and improved economic sentiments.
The rupee ended Rs156.02 against dollar from previous day’s closing of Rs156.06 in interbank foreign exchange market.
Currency dealers said that crackdown launch by tax authorities against exchange companies besides positive response from IMF helped the local currency to gain value.
The foreign exchange market was initiated in the range of Rs156.05 and Rs156.10. The market recorded day high of Rs156.10 and low of Rs156.01 and closed at Rs156.02.
The exchange rate in open market was remained unchanged. The buying and selling of dollar was recorded at Rs155.70/Rs156.20, the same previous day’s closing level, in cash ready market.
Analysts noted that steady remittance inflows and controlled import demand also supported the rupee’s stability during the session. They added that the central bank’s prudent monetary stance and improved foreign exchange reserves helped ease pressure on the local currency.
Market participants expect the rupee to remain relatively stable in the near term, provided external account indicators continue to improve. However, they cautioned that any sudden surge in global oil prices or external debt repayments could create short-term volatility in the currency market. Overall, sentiment in the forex market remained cautiously optimistic amid ongoing economic adjustments.