February 24, 2024

Against the dollar, the Pakistani Rupee is still rising

Against the dollar, the Pakistani Rupee is still rising

KARACHI: During intraday trade on Friday in the interbank market, the Pakistani rupee strengthened against the US dollar for the sixth session in a row.

In the course of the day’s trading, the rupee gained 2.15 percent versus the dollar and closed at 224, down from Thursday’s finish of 226.15. The currency appreciated significantly Tuesday, closing at Rs. 2.65, or 1.17 percent.

Following the government’s austerity measures, which caused a sharp rise in inflation but also prevented the nation’s economy from collapsing, the rupee has been on the upswing.

This past Wednesday, when it increased by Rs9.58 against the US dollar, the local currency saw a significant gain. The biggest one-day rise since 1999, it grew by 4 percent.

In his remarks at an event at the Pakistan Stock Exchange (PSX), Finance Minister Miftah Ismail said that if the nation can manage imports, exports may be increased through a number of means.

After the coalition partners made unpopular decisions, Miftah stated Pakistan was “on the right track” and that the pressure on the rupee will continue to lessen in the days ahead as it strengthened against the dollar.

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