Rupee gains further ground against dollar in interbank and open markets

Karachi: On the fourth business day of the week, the Pakistani Rupee continued to strengthen against the US Dollar in both the interbank and open markets.

The Rupee's gains were supported by several positive factors, including Pakistan's full capacity to meet its external payment obligations, the successful payment of $500 million recently, arrangements in place for an additional $1.3 billion payment to Eurobond investors in April 2026, and a gradual increase in remittances' contribution to the economy.

The Finance Minister’s projection of $43 billion in remittance inflows this year, along with improved credit ratings by global agencies — which have enhanced financial dealings with international financial institutions and commercial banks — contributed to strong fundamentals that kept the Dollar under pressure throughout the interbank trading session.

At one point, the Dollar's value dropped by 23 paisas to reach Rs281.07, but due to better supply and market participants taking advantage of the decline, demand for foreign exchange increased. As a result, the Dollar closed the day at Rs281.27, down 3 paisas from the previous close.

Meanwhile, in the open currency market, the Dollar also depreciated by 5 paisas to close at Rs282.30.