Karachi
The rupee marked a nominal gain of PKR0.01 closing at PKR 277.94 against the US dollar at the interbank foreign exchange market on Monday (April 1). This marked a nominal gain of PKR 0.01 from last Friday’s closing rate of PKR 277.95.
Currency experts noted the resilience of the local unit against the greenback, attributing it to several factors indicating Pakistan’s improving economic landscape.
One significant factor contributing to the rupee’s strength is the surge in remittances and export receipts, which have substantially bolstered the nation’s fiscal health. Pakistan recorded a current account surplus of $128 million in February 2024, driven by robust performance in remittances and exports.
The appreciation of the Pakistani rupee against the US dollar signifies growing investor confidence and stability in the currency market. It also augurs well for businesses engaged in international trade, as a stronger local currency enhances purchasing power and reduces import costs.