Pakistan Rupees improves against US dollar, closes at Rs279.97

Amid historic surge in stock market, Pakistan’s currency also registered an improvement against US dollar on Wednesday, reported 24NewsHD TV Channel. 

According to State Bank of Pakistan, in interbank, US Dollar falls below 279.97 from 280 against the Pakistani Rupee (PKR) in the open market. Since January 2024, Pakistani rupee was trading 280 thresholds against the US dollar in the interbank market. As per the latest exchange rate, the rupee closed at 279.97, reflecting a 0.01% decline from historic 280 barrier. 

In the wake of Pakistan’s remarkable success against India, global community was praising Pakistan for defeating seven times bigger enemy. US President comes first to tell that world that Pakistan made great success against India and shoot down New Delhi’s eight jets including Rafel. 

Now world was praising Pakistan’s military achievements as around 15 countries express interests to import JF-17 fighter jets from Pakistan’s the Armed Forces. 

Talking to media, Chairman of Exchange Companies Association of Pakistan (ECAP) Malik Bostan has said that the dollar is expected to drop below the Rs 250 level. 

Malik Bostan attributed the improving outlook to several factors, including a sharp rise in defence exports, growing international demand for Pakistan’s JF-17 jets, and a strong recovery in the stock market.

Bostan said the dollar has fallen from above Rs. 290 to around Rs. 281 in the past six months, a decline of nearly Rs. 9. He rejected claims that the rupee’s stability is temporary and claimed that the real value of PKR/$ is below 250. 

He also highlighted a big improvement in Pakistan’s foreign exchange reserves.Bostan projected that remittances could rise sharply in the coming year, which will increase forex reserves, support the rupee, stock market, and overall economic stability.