The Rupee continued its upward momentum on Monday, closing in green against the US Dollar for the 128th consecutive day. The currency’s resilience comes amid stable oil prices and ongoing diplomatic engagements in the Gulf region.
The Rupee closed at 279.16 against the US Dollar (USD), gaining four paisas during the session. Analysts say the currency market is stabilizing as Western currencies lose value due to geopolitical tensions.
The Pakistani Rupee also gained against other major currencies. It rose Rs. 2.76 against the British Pound (GBP), Rs. 1.56 against the Euro (EUR), and Rs. 2.42 against the Australian Dollar (AUD). Gains were also seen against the Canadian Dollar (CAD), UAE Dirham (AED), and Saudi Riyal (SAR).
Market experts attribute the Rupee’s strength to stable oil futures, which remained between $98 and $116, and to investor confidence boosted by meetings with oil-rich countries in Islamabad. Traders expect the Rupee to maintain gains as long as these conditions continue.
During Monday’s session, minor improvements were recorded against other currencies, including the Malaysian Ringgit (MYR) and Chinese Yuan (CNY). The overall trend indicates strong market sentiment and cautious investor optimism.
Economists note that the Rupee’s continued strength benefits importers and businesses dependent on foreign currency. A stable Rupee helps in managing import costs and reduces pressure on the trade deficit.
While the Rupee has maintained a positive streak, experts advise monitoring global oil rates and regional geopolitical developments. Any major changes could impact the currency’s performance in the coming weeks.
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In conclusion, the Pakistani Rupee’s steady performance reflects a combination of domestic stability and favorable international conditions. Traders and businesses are watching closely as the currency continues to perform well against major global currencies.
