KARACHI: The Pak Rupee ended with significant gain against dollar on Thursday after witnessing decline for three consecutive days.
The rupee ended with gain of 19 paisas to Rs154.89 to the dollar from previous day’s closing of Rs155.08 in interbank foreign exchange market.
Currency dealers said that the ease in US-Iran conflict and inflows of export receipts and foreign remittances helped the rupee to gain against the greenback.
The foreign currency market was initiated in the range of Rs154.85 and Rs154.90. The market recorded day high of Rs154.92 and low of Rs154.88 and closed at Rs154.89.
The exchange rate in open market also witnessed appreciation in rupee value. The buying and selling of dollar was recorded at Rs155.30/Rs155.70 from previous day’s closing of Rs155.40/Rs155.80 in cash ready market.
Market participants noted that improved sentiment prevailed throughout the trading session, as reduced geopolitical tensions supported risk appetite in emerging markets, including Pakistan.
Dealers said steady dollar supply from exporters and banks helped contain volatility, while limited import demand also eased pressure on the local currency. Some traders added that expectations of stability in global oil prices further supported the rupee, given Pakistan’s heavy reliance on energy imports.
Analysts believe the rupee may continue to trade in a narrow range in the near term, depending on external inflows and developments on the global economic front. However, they cautioned that any sudden shift in international markets or domestic economic indicators could quickly alter the currency’s trajectory.