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The rupee on Monday (February 19) gained 01 paisa against the US dollar in the interbank trading and closed at Rs 279.35 against the previous day’s closing of Rs 279.36.

However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market stood at Rs 279.3 and Rs 282.2, respectively.

The price of the euro increased by 61 paisa to close at Rs 301.27 against the last day’s closing of Rs 300.66, according to the State Bank of Pakistan (SBP).

The Japanese yen gained 01 paisa to close at Rs 1.86, whereas an increase of Rs 1.30 was witnessed in the exchange rate of the British pound, which was traded at Rs 352.70 compared to the last closing of Rs 351.40.

The exchange rates of the Emirates Dirham decreased by 01 paisa to close at Rs 76.05 and the Saudi Riyal remained unchanged to close at Rs 74.48.

Analysts attribute the resilience to the improved foreign exchange reserves, suggesting that this influx of foreign currency contributes to shoring up the rupee’s strength.

The rise in reserves, as reported by the State Bank of Pakistan (SBP), is seen as a welcome sign for the nation’s economy, reflecting positive momentum. Foreign exchange reserves play a crucial role in supporting the balance of payments, ensuring liquidity, and managing external debt obligations. The increase in reserves provides a buffer against economic uncertainties and helps maintain stability in the currency market.

Despite ongoing concerns and global economic challenges, including political uncertainty following recent elections and persistent demand for dollars, the rupee has demonstrated resilience. This resilience showcases a certain degree of stability in Pakistan’s economic landscape.

As the country continues to navigate through economic fluctuations, the steady rise in foreign exchange reserves is expected to contribute positively to overall economic stability. It’s crucial for the government and financial institutions to monitor these trends closely and adjust policies as needed to sustain and enhance economic resilience in the face of evolving challenges.