The Pakistani Rupee (PKR) exhibited a marginal gain of two paisas against the US Dollar on Tuesday, closing at Rs138.92 in the interbank foreign exchange market.
This positive shift comes as the market anticipates potential foreign inflows, with the exchange rate ranging between Rs138.90 and Rs138.95 during the trading session.
The day’s high was recorded at Rs138.94, while the low touched Rs138.88 before settling at Rs138.92 by the close of trading. This subtle improvement follows the previous day’s closing rate of Rs138.94, reflecting a positive sentiment in the interbank foreign exchange market.
Currency experts attribute the market’s optimism to the upcoming visit of the Saudi Crown Prince, scheduled for February 16, 2019. The anticipation of enhanced inflows, possibly stemming from economic collaborations and investments, has contributed to the slight strengthening of the Pakistani Rupee against the US Dollar.
While the interbank market witnessed this modest appreciation, changes in the open market presented a different scenario. In the cash-free market, the buying and selling of the US Dollar were recorded at Rs138.70 and Rs139.20, respectively. This represented a shift from the previous day’s close of Rs138.50/Rs139.20.
The foreign exchange market remains sensitive to geopolitical and economic developments, and the upcoming visit of the Saudi Crown Prince is viewed as a potential catalyst for increased economic cooperation between the two nations. The anticipation of positive outcomes from the visit has contributed to a sense of stability and confidence in the currency market.
The Saudi Crown Prince’s visit is expected to involve discussions on economic partnerships, trade agreements, and potential investments, which could have a positive impact on Pakistan’s economic landscape. As stakeholders await further details of the visit and its outcomes, the foreign exchange market is likely to experience fluctuations based on evolving geopolitical and economic factors.
The Pakistani government, along with economic stakeholders, continues to explore avenues to strengthen the country’s economic position and enhance foreign exchange reserves. While the recent gain in the Pakistani Rupee is modest, it reflects the influence of external factors on the currency market and underscores the importance of global economic dynamics in shaping the financial landscape.
