The Pakistani Rupee extended its upward trend against the US Dollar for the fifth consecutive session, marking a 0.23% appreciation in the inter-bank market on Wednesday.
The State Bank of Pakistan reported the Rupee’s closing at 285.13 against the Dollar, marking a gain of Re0.66. This uptick could result from improved foreign exchange reserves, robust economic indicators, increased exports, or proactive monetary policies by the SBP, strengthening investor confidence in the Rupee.
The Rupee appreciated to 285.79 against the US Dollar on Tuesday, likely due to increased foreign exchange inflows from exports or remittances, positive market sentiment, or potential interventions by the State Bank of Pakistan.
Caretaker Minister Dr. Shamshad Akhtar highlighted positive economic indicators, projecting a 2 to 2.5% GDP growth for fiscal year 2024. This optimism likely stems from improved fiscal policies, potential sectoral expansions, increased consumer spending, and investments, signaling a progressive recovery trajectory for Pakistan’s economy in the upcoming fiscal year.
