Rupee rises amid political stability

KARACHI: The Pakistani currency resumed its uptrend after a day of nominal losses, partially regaining to Rs279.50 against the US dollar in the interbank market on Wednesday amid the beginning of the end of the political crisis over the formation of the government in the centre. According to the State Bank of Pakistan’s (SBP) data, the domestic currency regained 0.02% or Rs0.07 against the greenback on a day-to-day basis. In total, the local currency has increased by 9.87% or Rs27.60 over the past five months to date compared to its record low closing at Rs307.10/$ in the first week of September 2023. Market talks suggest that the supply of foreign currencies has remained higher than demand in the interbank market. A report suggests an uptrend in export earnings in the first 15 days of the ongoing month of February. Moreover, overseas Pakistanis are believed to be sending higher workers’ remittances to their family members and friends these days ahead of the beginning of Ramazan in the second week of March 2024.