The Pakistani rupee continued its upward trend against the US dollar in the interbank market on Wednesday. By 10 a.m., the rupee had gained 15 paisas, trading at Rs280.63 against the dollar.
On Tuesday, the local currency had closed at Rs280.78. According to economic analysts, the rupee’s appreciation is being driven by the weakening of the US dollar globally and growing investor confidence in the domestic market.
In the global currency market, the US dollar continued to decline on Wednesday. The euro remained stable at $1.1586, while the British pound (sterling) moved further away from its seven-month low, trading at $1.3149.
Meanwhile, the US dollar index, which measures the greenback’s value against a basket of major currencies, hovered near its lowest level in more than a week, recorded at 99.46.
Experts believe that if the current trend continues, the rupee is likely to gain further stability in the coming days. This could help reduce import costs and ease inflationary pressures in Pakistan’s economy.
