As the government’s crackdown on speculative activities leads to a surge in export earnings and remittance inflows, the Pakistani rupee is poised to maintain its upward trajectory against the US dollar, as per a report by The News on Sunday.
The rupee concluded the previous week at a rate of 301.16 against the dollar, but it demonstrated resilience and closed at 296.85 by Friday.
Over the course of the week, the currency exhibited a noteworthy 1.43% or Rs4.31 appreciation against the dollar, a trend attributed to reduced demand for dollars in the parallel or unofficial market.
According to financial technology firm Tresmark’s note on Saturday, “Enhanced liquidity in the forex market, driven by robust volumes of exports and an increase in daily remittances, is expected to sustain the gradual strengthening of the rupee.”
