Rupee gains against dollar and major currencies in Pakistan
“The rupee closed stronger against the US dollar and most major currencies as traders responded positively to easing market nerves.”
Key points
- The rupee closed stronger against the US dollar and most major currencies as traders responded positively to easing market nerves.
- Remittance expectations and lower concern over direct regional fallout helped support sentiment.
The Pakistani rupee ended Thursday stronger against the US dollar and most major foreign currencies, extending its recent run of stability in the local market. ProPakistani reported that the rupee closed at 279.32 against the dollar, posting a small gain on the day.
Market participants attributed the performance to calmer sentiment after the government signaled that Pakistan is not expected to face direct long-term fallout from the Gulf crisis. Traders also pointed to steady dollar inflows and the prospect of stronger remittances ahead of Eid-ul-Fitr as factors supporting the local currency.
Beyond the dollar, the rupee also improved against several key currencies, including the euro, pound, Australian dollar and Canadian dollar. It showed mixed movement against Gulf currencies, gaining slightly versus the UAE dirham while slipping marginally against the Saudi riyal.
The update suggests that, despite regional uncertainty, domestic forex sentiment remained relatively stable during the session. Dealers are now watching whether external pressures, import costs and energy market volatility alter that trajectory in the coming days.
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