Rupee closes below Rs280/$ after a year

The Pakistani currency strengthened to over a 12-month high, closing just below the highly anticipated level of Rs280 against the US dollar in the interbank market on Thursday. According to data from the State Bank of Pakistan (SBP), the domestic currency appreciated by 0.04%, or Rs0.12, concluding at Rs279.98 against the greenback. This surge follows the country’s recent report of a current account surplus reaching a six-month high at $397 million, indicating that the supply of foreign currency has exceeded demand within the nation. With this latest increase, the currency has cumulatively gained 9.68% or Rs27.12 over the past four-and-a-half months, compared to the all-time low of Rs307.10/$ recorded in the first week of September 2023.