Foreign Currency

Rupee stable at three-month high


Rs279.42 against US dollar in inter-bank market as foreign currency supply and demand appeared evenly balanced

KARACHI:

Pakistani currency on Tuesday stood stable above three-month high at Rs279.42 against the US dollar in the inter-bank market as foreign currency supply and demand appeared evenly balanced.

According to SBP data, the rupee ticked down Rs0.01 on a day-on-day basis, closing at Rs279.42 against the greenback. The domestic currency has cumulatively increased 9.90%, or Rs27.68, in the past over four months.

Read Rupee rises, but market gap widens

Exchange Companies Association of Pakistan reported that the rupee slightly appreciated by Rs0.03 and closed at Rs281.13/$ in the open market.

The difference between currency values in the two markets remained moderate at 0.61%, or Rs1.71. The rupee remained stable after both import payments and export earnings increased for January 2024, suggesting that the demand and supply of foreign currency was quite balanced in the market.

Published in The Express Tribune, February 7th, 2024.

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