Karachi, January 10, 2019 – The Pakistani rupee experienced a modest gain of five paisas against the US dollar on Thursday, attributed to increased inflows from remittances and export receipts, as reported by dealers to PkRevenue.com.
The rupee strengthened to close at Rs138.86 to the dollar in the interbank foreign exchange market, up from the previous day’s closing rate of Rs138.91. The trading session in the interbank foreign exchange market commenced with the rupee being quoted in the range of Rs138.89 to Rs138.93. Throughout the trading day, the market reached a high of Rs138.89 and a low of Rs138.85, ultimately closing at Rs138.86.
In the open market, the exchange rate remained stable, with the buying and selling of the US dollar recorded at Rs138.70/Rs139.00. This rate was consistent with the previous day’s closing rates of Rs138.60/Rs139.00.
The strengthening of the rupee against the US dollar is often influenced by various factors, including foreign exchange inflows, economic indicators, and market sentiment. Increased remittances and export earnings can lead to a higher supply of foreign currency, which may result in an appreciation of the local currency.
The exchange rate in Pakistan is closely monitored by businesses, investors, and policymakers, as it plays a crucial role in trade, investment, and economic stability. Currency fluctuations can impact import and export costs, the purchasing power of consumers, and overall economic conditions.
The recent gain in the rupee reflects the dynamics of the foreign exchange market and its sensitivity to factors that influence currency exchange rates. The stability and value of the rupee are integral components of the country’s economic well-being.