Rupee gains as dollar falls after two-week hiatus

Karachi: After a two-week hiatus, the value of the US dollar declined against the Pakistani rupee in both the interbank and open currency markets.

The rupee strengthened due to several global developments, including Iran’s overnight attacks on US bases in the Middle East, which led to a 3–4% drop in international crude oil prices. Additionally, the US dollar weakened by 0.03% against the Australian and New Zealand currencies, contributing to the rupee's gain.

Reports of a ceasefire between Iran and Israel, along with confirmation that both sides had halted military actions, also played a role in the dollar’s decline throughout the trading session in the interbank market.

At one point during trading, the dollar dropped by 31 paisas, reaching as low as Rs283.55. However, as supply improved and market demand picked up, the dollar ended the session at Rs283.76 — down 10 paisas from the previous close.

Meanwhile, in the open currency market, the dollar also saw a decline of 9 paisas, closing at Rs285.80.