Pakistani Rupee Hits Six-Month High Against US Dollar

he Pakistani rupee continued its upward trend on Tuesday, reaching a nearly six-month high against the US dollar, reflecting improved market confidence and steady inflows. The local currency closed at Rs. 280.97 in the inter-bank market, gaining Rs. 0.04 from the previous day, according to data from the State Bank of Pakistan (SBP).

This marks a modest but steady recovery for the rupee, which has appreciated by nearly 1% in the ongoing fiscal year, backed by improved foreign exchange reserves, controlled imports, and stable remittances.

In the open market, the dollar was quoted at Rs. 281.30 (buying) and Rs. 282.05 (selling), showing continued demand moderation. However, the rupee posted mixed results against other major currencies  falling slightly against the euro, pound, and Swiss franc, while gaining marginally against Gulf currencies.

An analyst from a Karachi-based brokerage firm noted,

“The rupee’s resilience is largely due to improved current account management and IMF-backed reforms supporting the exchange rate.”

Despite short-term fluctuations, experts expect the rupee to remain stable in the near term if external financing and remittance inflows continue to support the local market.