Aaj English TV

Saturday, March 02, 2024  
20 Shaban 1445  

Dollar stays stable against rupee as new week begins

Local currency was trading at Rs279.20 in early morning trade
An employee of a foreign exchange shop poses with US dollar banknotes from behind a glass booth in Karachi, Pakistan on September 7, 2023. Reuters
An employee of a foreign exchange shop poses with US dollar banknotes from behind a glass booth in Karachi, Pakistan on September 7, 2023. Reuters

The value of dollar remained stable in the interbank market on Tuesday, according to the State Bank of Pakistan.

The local currency was being traded at Rs279.20 in the early morning trade. The market opened on Tuesday as Monday was a public holiday on account of Kashmir Day.

However, by the end of the day, the dollar was being traded at Rs279.42, close to last week’s closing mark.

The dollar closed at Rs279.41 in the interbank market on Feb 2, according to the SBP.

Last week, Dawn reported that currency experts were wary of shocks in the exchange rate market in March.

They added that the third quarter economic performance would determine the outlook for the last quarter and the entire fiscal year. They were of the view that the inflows of dollars were below market expectations.

According to Topline Securities, business confidence has made a remarkable recovery reaching 54.5 in Jan-2024 after a recent low of 39.2 in Sep-23.

“This sharp rebound signifies improving economic conditions, stability of the rupee against the US dollar, expectations of a decline in inflation, and anticipation of an interest rate reversal,” it said in a post on X on February 4.

“The confidence index considers both current business confidence and expected business confidence, incorporating factors such as inflation, employment, and capacity utilization,” it said.

For the latest news, follow us on Twitter @Aaj_Urdu. We are also on Facebook, Instagram and YouTube.

currency rates

dollar rates

Pakistan Rupee

US dollar interbank

Rupee dollar rate

PKR Dollar

Dollar rate in Pakistan

US dollar vs Rupee

Comments are closed on this story.

Comments

Taboola

Taboola ads will show in this div