Currency market sees improvement in Pakistani rupee

US dollar fell by 2 paisa to Rs278.38 in the interbank market and by 9 paisa to Rs280.18 in the open market

KARACHI:

The currency market saw an improvement in the value of the Pakistani rupee on Thursday, with a slight decline recorded in the value of the US dollar.

In the interbank market, the dollar fell by 2 paisa, dropping from Rs278.40 to Rs278.38. Meanwhile, in the open market, the dollar experienced a 9 paisa decline, moving from Rs280.27 to Rs280.18.

The euro saw a more significant decrease, dropping by Rs1.19 to Rs296.25. Similarly, the British pound fell by Rs2.18, reaching Rs350.26. The Saudi riyal decreased by 5 paisa to Rs73.74, and the UAE dirham closed with an 18 paisa decline, ending at Rs75.65.

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"The slight decline in the value of the dollar is a positive sign for the rupee," said a market analyst. "It shows that there is some stability returning to the currency market."

Another expert added, "The reductions in the euro and pound values are also noteworthy, indicating a broader trend of strengthening for the rupee against major currencies."

This improvement in the rupee's value comes amid ongoing economic challenges and efforts by the government to stabilise the currency market.