The rupee remained stable against the dollar in both foreign exchange markets on Monday.
The rupee remained stable against the dollar in both foreign exchange markets on Monday due to export deals worth $26 billion at the Defense Exhibition Ideas, forecasts of overseas Pakistanis’ remittances reaching $36 billion this year and expectations of Pakistan’s credit rating being upgraded in the coming months.
The dollar suffered from depreciation throughout the trading session in the interbank market due to the arrival of a high-level trade delegation from Belarus to Pakistan and news of Pakistan’s interest in exploring investment opportunities on a sectoral basis, positive sentiments.
However, as supply and demand were balanced in the closing moments, the interbank rate of the dollar remained unchanged at Rs 277.75 at the end of trading. In contrast, the dollar closed at Rs 278.79 with an increase of only 2 paisa.
The rupee remained stable against the dollar due to a current account surplus, rising foreign exchange reserves, and increasing inflows into the Roshan Digital Account.
