KARACHI – High-flying dollar hits reverse gear against the Pakistani rupee as local currency continues its recovery against the greenback in inter-bank market.
USD to PKR
On Tuesday, US dollar moved down by Rs0.20 in the interbank market, per rates by money exchangers.
With latest change, PKR was being traded at Rs279.20 in the early morning trade as market opened after long weekend.
Last week, US dollar hovered at Rs279.41 in the interbank market.
Ahead of polls, experts emphasised that economic performance in the third quarter would shape the outlook for the final quarter and the entire fiscal year, expressing concern that the inflow of dollars fell short of market expectations.
Topline Securities reported a significant recovery in business confidence, rising to 54.5 in January 2024 from a recent low of 39.2 in September 2023.
The surge indicates an improvement in economic conditions, stability of the rupee against the US dollar, anticipation of declining inflation, and expectations of an interest rate reversal.
